LOS ANGELES--(BUSINESS WIRE)--Matthews Real Estate Investment Services™ is pleased to announce that David Harrington, National Director of Multifamily, has arranged the record sale of a multifamily investment property located in Los Angeles, CA. Harrington brokered the sale of the 39-unit property for $9.65 million.
Generating multiple offers from qualified buyers, with several in 1031 exchanges, the asset located at 216 South Occidental Boulevard sold at $247,435.89 per unit. According to CoStar, this is the highest cost per unit sale in the last three years for a rent controlled multifamily building in the 90057 zip code.
The seller and long-term client, CLG Occidental Blvd LLC, achieved a great price on the property before exchanging equity. The buyer, an undisclosed private investor, who was looking to complete a 1031 exchange, was sourced directly through Matthews’™ marketing platform and assumed the existing loan on the property, thus allowing the seller to avoid the prepayment penalty.
“We executed a thorough marketing campaign, provided property tours, and books and records prior to going under contract to increase probability of the buyer’s performance,” said Harrington.
The buyer received tremendous rental upside in such a dense rental market, which is realized through a strategic renovation program including unit interior, building common area, exterior improvements and upgrades.
For more information regarding the sale of 216 South Occidental Boulevard or if you have any questions relating to your multifamily investment(s), please do not hesitate to reach out to David Harrington.
About Matthews Real Estate Investment Services™:
MATTHEWS REAL ESTATE INVESTMENT SERVICES™ is recognized as an industry leader in multifamily, shopping center, STNL, management, leasing, portfolio disposition and 1031 exchange programs. The firm is headquartered in El Segundo, CA, and serves clients throughout the United States and Canada. For more information, please visit WWW.MATTHEWS.COM.