24-unit apartment complex on North Hollywood Way sells for $431,250 per unit
An entity associated with Mark Sandelson has acquired a 24-unit multifamily property at 711 North Hollywood Way in Burbank for $10.35 million, according to transaction records reported by Traded. The sale closed on June 13, 2025, representing a gain for the sellers, Xenon Investment Corp., who originally purchased the property in September 2017 for $8.2 million.
The 20,438-square-foot apartment complex sold for $506 per square foot, or $431,250 per unit. The transaction represents a 26 percent increase in value over the sellers’ original purchase price nearly eight years ago, highlighting the continued strength of the multifamily market in the Los Angeles area.
The Burbank sale comes amid a robust recovery in the Los Angeles multifamily sector. Investment volume neared $2.1 billion in 2024, for an average price per unit that rose 6.1 percent year-over-year, to $343,521 in Los Angeles specifically. However, the market faces mixed conditions, with the average market-wide asking rent for multifamily units in Los Angeles standing at $2,306 per month, with an effective rent of $2,290 per month, reflecting an annual growth of 1.0 percent and a current vacancy rate of 5.1 percent.
Sales activity has been resilient, with consistent dollar volumes, with the 12-month sales volume currently at $329 million in the Hollywood submarket specifically, according to industry reports. The broader Los Angeles market has seen sales decline to $1.9 billion in Q4 2024, due to the recent ULA property tax in Los Angeles and higher debt costs, though fundamentals remain strong with sustained rental demand.
The transaction was brokered by Greg Alexanian of Alexanian Apartment Advisors.
The North Hollywood Way property’s sale price of $431,250 per unit reflects the premium values that well-located multifamily assets continue to command in the greater Los Angeles market. Burbank’s proximity to major entertainment industry hubs and transportation corridors makes it an attractive location for rental housing investments.
Los Angeles vacancies are projected to stabilize at around 4.4 percent by year-end, according to Moody’s, remaining below the national average of 6 percent despite significant new construction in the metro area. The transaction adds to the robust multifamily investment activity in the region, where institutional and private investors continue to compete for quality rental properties amid strong demographic fundamentals and limited new supply.
