LOS ANGELES, CA - Walker & Dunlop, Inc. announced that it completed the sale of Argyle & Harvard Apartments, a two-property, 98-unit value-add portfolio. Situated in the Hollywood submarket of Los Angeles, California the unofficial global headquarters for the entertainment and media industry, the multifamily communities offer immediate access to Hollywood's expanding corporate footprint and growing job base.
It is estimated that over 566,000 jobs exist throughout neighboring submarkets, which include notable employers such as Netflix, HBO, Viacom CBS, and Showtime, as well as rapidly growing digital media startups.
Built in 1970 and 1955 respectively, Argyle & Harvard Apartments presents new ownership with the opportunity to significantly increase rental income. Enhancing finishes in the 21 lightly-renovated units, as well as fully renovating the 77 units that are in original condition, could result in an almost 44 percent increase in rents.
Walker & Dunlop's Blake Rogers, Alexandra Caniglia, Hunter Combs, Javier Rivera, and Kevin Sheehan represented the seller and facilitated the sale of the portfolio.
The transaction is one of just seven multifamily property sales with 50+ units in the City of Los Angeles since the Covid-19 pandemic started; this represents more than a 50 percent decrease in transaction volume compared to the past several years1.
The Southern California Walker & Dunlop team has closed more than $325,000,000 in multifamily sales transactions over the past 30 days. Nationally, the Walker & Dunlop investment sales platform has also achieved dramatic growth with over $4 billion in sales volume completed through 3Q 2020 in the face of the pandemic.
Source: Walker & Dunlop