LOS ANGELES, CA – Walker & Dunlop, Inc. announced that the sale of Argyle & Harvard Apartments, a 98-unit value-added portfolio of two properties, has been completed. The multi-family communities are located in the Hollywood submarket of Los Angeles, California, the unofficial global headquarters of the entertainment and media industries. They provide instant access to Hollywood's growing corporate base and employment base.
It is estimated that there are over 566,000 jobs in the neighboring submarkets, including well-known employers such as Netflix, HBO, Viacom CBS and Showtime, as well as fast-growing digital media startups.
The Argyle & Harvard Apartments were built in 1970 and 1955 respectively and offer new owners the opportunity to increase rental income significantly. The improvement of the surfaces of the 21 slightly renovated units and the complete renovation of the 77 units in their original condition could lead to an increase in rents of almost 44 percent.
Blake Rogers from Walker & Dunlop, Alexandra Caniglia, Hunter Combs, Javier Rivera and Kevin Sheehan represented the seller and facilitated the sale of the portfolio.
The transaction is one of only seven multi-family home sales of more than 50 units in the city of Los Angeles since the Covid-19 pandemic began. This corresponds to a decrease in the transaction volume of more than 50 percent compared to previous years1.
The Walker & Dunlop team in Southern California has completed more than $ 325,000,000 in multi-family sales transactions in the past 30 days. Nationally, Walker & Dunlop's investment distribution platform also saw dramatic growth, with over $ 4 billion in sales volume closed by Q3 2020 in light of the pandemic.
Source: Walker & Dunlop