Press Release brought to you by NAI Capital

NAI Capital Completes Sale of $3.7M Mixed-Use Development Site in North Hollywood, CA

08/14/2018

Los Angeles, CA, August 14, 2018–Vice Presidents Emmanuel Ndu and Sam Monempour with NAI Capital’s Encino Los Angeles office along with Arthur Arejian, President of Vanguard Investments, Inc. completed the sale of a 10,040 square foot development site in North Hollywood, Calif.  Emmanuel, Sam and Arthur represented the seller, Napa Industries.  The buyer, 11436 Hatteras LLC, was represented by Senior Vice Presidents Ziv Kozaski and Michael Dixon with NAI Capital’s Multifamily Housing Group.  The total sale price was $3,700,000, or $349 per square foot.

The property is located at 11430 W Hatteras Street. The site is zoned for high density residential and is fully entitled to build a 28-unit mixed-use four-story complex. The proposed plans include 28 spacious two-bedroom, two-bathroom units, and two 750 square foot ground floor retail stores. The project is in a prime North Hollywood area adjacent to NoHo Arts District with close access to the Red line and a range of retail amenities.

Emmanuel said, “Short supply coupled with demographic and lifestyle preferences are fueling strong demand for multifamily. This is a home run project for the new owner to develop.”

Sam added, “Low vacancy rates and healthy rent growth for multifamily product continues to fuel these rare opportunities because land is virtually nonexistent for ground up development projects.”

“My client is ready to go and is very excited to move forward with this project. The multifamily market continues to benefit from a solid economy and continued strong demand.” Ziv added.

About NAI Capital

NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.

NAI Capital Brokerage CA BRE #01990696.

To learn more, visit www.naicapital.com.

About NAI Global

NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.

NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.

To learn more, visit www.naiglobal.com.      

 

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Source

NAI Capital

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