Hartsook Street Apartments
11030 Hartsook street, North Hollywood

This 60-unit property is our eighth-and-largest-acquisition in the NoHo /West Toluca Lake (North Hollywood) district. This brings our total units in this micro market to over 300. Our depth of experience in this market and our demonstrated track record of success in achieving rental increase targets give us a very high degree of confidence in investing here. In common with Burbank, the NoHo district of North Hollywood benefits from its proximity to the entertainment industry (Universal, Disney, Warner Brothers), and the Metro Link train system (within walking distance from the building) providing access to employment base. Apartment properties in the area are surrounded by high-end single-family homes, which enhance multi-family values substantially. We discovered that this is one of the most sought after rental locations in Los Angeles just over a year ago, and the NoHo Market remains one of our most favored locations today.

This is a three-story building constructed over one level of on grade parking. Apartments offer secured entry, central air conditioning, balconies, decks, pool, Jacuzzi, weight room, and secured parking. The unit mix is excellent, with 15 1-1's, 15 2-2 flats, 15 2-1.5 townhouses, and 15 3-2 townhouses. All units offer generous square footages for the North Hollywood market place, affording the creation of additional value. The Townhouse units provide a large covered deck proximate to the dining area on the entry level, while the upstairs offer a full balcony. We believe these units will command rents 30+% higher than current average rents, and do so within a relatively short time horizon.