SUCCESS STORY
1031 Exchange Completed in Brentwood
11915 Goshen Ave.
After opening escrow on her NNN upleg property in the Pacific Northwest, our client contacted us to help complete the exchange on time.
Price
$
3,100,000
City
Brentwood
Current Cap Rate
3.96
%
Price P/ Unit
$
387,500
Lot Size
7,875
SF
11915 goshen
About the Property
11915 Goshen was an 8-unit value-add property located in the heart of Brentwood, a highly-desirable West LA rental market under constant demand by high-income young professionals. Located 1 block north of Wilshire Blvd, the subject property offered a short commute to some of the Westside's most popular and trendy hotspots. Popular destinations include Brentwood Village, Brentwood Country Mart, The Getty, trendy restaurants along San Vicente Blvd, and convenient access to the 405 Freeway.
Price
$
3,100,000
City
Brentwood
Current Cap Rate
3.96
%
Price P/ Unit
$
387,500
Lot Size
7,875
SF
Background
Located in the heart of a premier Westside rental market, this value-add property featured approx. 23% rental upside and several renovated unit interiors. After opening escrow on her NNN upleg property in the Pacific Northwest, our client contacted us to help complete the exchange on time.
Challenge
We listed the property in early August (while interest rates were around 4.75%), and investors were watching from the sidelines. With several weeks left on the seller’s exchange, Kenny had to identify an all-cash exchange buyer who could close quickly.
Result
Kenny identified an exchange buyer who submitted an all-cash non-contingent offer as the deadline approached. Ultimately, the deal closed seven days later at $3,100,000; all parties were relieved that KST could get the deal done in such a volatile market. The seller was satisfied with her completed 1031 exchange, and the buyer is eager to begin renovations on a hidden gem in the heart of Brentwood.
