Multifamily Portfolio in Hollywood, Los Angeles Trades Hands, Sale Facilitated by Walker & Dunlop

Walker & Dunlop announced the sale of Argyle & Harvard Apartments, a 98-unit multifamily portfolio in Hollywood, Los Angeles.

Rhea-AI Summary

Walker & Dunlop announced the sale of Argyle & Harvard Apartments, a 98-unit multifamily portfolio in Hollywood, Los Angeles. The properties, built in 1970 and 1955, present opportunities for rental income increases of up to 44% through renovations. This sale marks one of the few multifamily transactions in Los Angeles since the Covid-19 pandemic, reflecting a significant market slowdown. Walker & Dunlop's multifamily sales team recently closed over $325 million in transactions in just 30 days, contributing to a total of over $4 billion in sales volume in 2020.

Positive

• Potential rental income increase of up to 44% through renovations.
• Walker & Dunlop closed over $325 million in multifamily sales transactions in 30 days.
• Achieved over $4 billion in sales volume through Q3 2020.

Negative

• Transaction volume for multifamily properties in Los Angeles decreased by over 50% since the pandemic began.

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BETHESDA, Md., Nov. 12, 2020 /PRNewswire/ -- Walker & Dunlop, Inc. announced today 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, ViacomCBS, 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. Walker & Dunlop is a top-ranked commercial real estate finance company; in 2019, the firm completed $32.0 billion in total transaction volume, and was ranked the #1 Fannie Mae DUS^® multifamily lender and the #3 Freddie Mac Optigo^® lender by volume.

For information about Walker & Dunlop's view on the apartment market, including expert perspectives on markets, leadership, and the road ahead, visit our Driven by Insight information center.

About Walker & Dunlop
Walker & Dunlop (NYSE: WD), headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine's Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop's 900+ professionals in 40 offices across the nation have an unyielding commitment to client satisfaction.

¹CoStar

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SOURCE Walker & Dunlop, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the significance of the Argyle & Harvard Apartments sale by Walker & Dunlop?

The sale represents a rare multifamily transaction in Los Angeles amid a significant market decline due to the pandemic.

How much potential rental income increase can be achieved from the Argyle & Harvard Apartments?

The properties offer potential rental income increases of up to 44% through renovations.

What recent sales volume has Walker & Dunlop achieved?

Walker & Dunlop has closed over $4 billion in sales volume through Q3 2020, with over $325 million in multifamily transactions in the last 30 days.

How does the pandemic affect multifamily property transactions in Los Angeles?

Since the pandemic started, transaction volume for multifamily properties in Los Angeles has decreased by over 50%.