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Principal Lends $34M on North Hollywood Apartments
Stephen Samuel, who is the head of
Evolve Realty and Development Corp. The 151,210-square-foot property is fully leased, Asheghian said.
Property records show the owner purchased the land near the intersection of Vineland Avenue and Magnolia Boulevard for $1.2 million from the
Santandelo family trust in 2015.
Asheghian said many lenders balked at the large number of units recently completed or under construction in North Hollywood. He noted that the submarket was the only area in the San Fernando Valley that recorded a decline in multifamily vacancy rates this year, according to
Marcus & Millichap’s recent report.
Principal Life Insurance Company declined to comment.
Stephen Samuel, who is the head of
Evolve Realty and Development Corp. The 151,210-square-foot property is fully leased, Asheghian said.
Property records show the owner purchased the land near the intersection of Vineland Avenue and Magnolia Boulevard for $1.2 million from the
Santandelo family trust in 2015.
Asheghian said many lenders balked at the large number of units recently completed or under construction in North Hollywood. He noted that the submarket was the only area in the San Fernando Valley that recorded a decline in multifamily vacancy rates this year, according to
Marcus & Millichap’s recent report.
Principal Life Insurance Company declined to comment.