HVN Development Acquires Multifamily Property In North Hollywood For $5.3 Million From George Gelsebach

A multifamily asset comprising 18 units has been sold for $5,300,000, located at 11143, 11147, and 11153 Acama Street in North Hollywood. The total square footage of the property is 14,244, resulting in a price per unit of $294,444 and a price per square foot of $372. The property is situated on a 27,000 SF land assemblage and is zoned LAR3.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $5,300,000
• Units: 18
• Square Footage: 14,244
• Price per Unit: $294,444
• Price per Square Foot: $372
• Buyer: Tommy Beadel - HVN Development
• Seller: George Gelsebach
• Broker: David Saghian - Lyon Stahl Investment Real Estate

David Saghian of Lyon Stahl Investment Real Estate represented both the buyer, Tommy Beadel of HVN Development, and the seller in this off-market transaction. The buyer intends to develop a 131-unit multifamily project on the acquired site.