LOS ANGELES--(BUSINESS WIRE)--Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate firm, has arranged the sale of a 25-unit multifamily building for $5.5 million in Canoga Park, CA. The transaction was led by Daniel Withers, Senior Vice President of Multifamily, who represented the seller, a private multifamily client.
The asset, located at 8555 Independence Avenue, set the 2018 record for a price per square foot multifamily building sold in the 91304 zip code. The property sold for $301.81 per square foot.
Withers found the seller by utilizing Matthews™ technology and expansive global database, negotiating a no loan contingency and short due diligence period. “The seller wanted to take advantage of the hot multifamily prices and had future concerns pertaining to the Costa Hawkins repeal, which ultimately was the driving factor that led to the sale of the property,” Withers stated. The buyer was represented by an outside broker, and benefited from purchasing a non-rent control building with immediate upside in rent.
For more information regarding the sale of 8555 Independence Avenue or if you have any questions relating to your multifamily investment(s), please do not hesitate to reach out to Daniel Withers for more information.
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.