NORTH HOLLYWOOD, CA – Berzack Investment Property Advisors, a multifamily specialty group of Lee & Associates-LA North/Ventura, transacted the sale of a development site entitled for 54 apartment units with retail and restaurant space at 12409 and 12425 Victory Boulevard in North Hollywood, according to Lee Principals Warren Berzack and Stephen Geiger, who represented the seller.
The site, which encompasses 35,753 square feet, sold for a total consideration of $3,125,000 to a private developer.
“The density approved by the city for this site made it highly desirable for developers,”’ Berzack said. “We were able to generate quite a lot of interest, and it sold very close to list price.”
The property is entitled for a five-story, mixed-use development comprised of 54 residential units, 6,900 square feet of retail space and 1,450 square feet of restaurant space. It is located close to the Hollywood (170) Freeway.
The seller was Victory Promenade LLC. The buyer, SiRRR, LLC, was represented by James Connor, DAUM.
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