About The Property

Stats

Price $10,275,000

Year Built 2014

Units 21

Current CAP 3.53%

Price P/ Unit $540,789

Background

In 2014, the Sellers had constructed this one-of-a-kind 21-unit condo-quality apartment building situated across from the Sherman Oaks Galleria. After owning the building for a number of years and capturing most of the upside, the Sellers decided it was the right time to cash out.

Challenge

With the Sellers having limited flexibility on price, Max and Ben looked for a “needle in a haystack” buyer who would appreciate the quality of construction, PRIME Sherman Oaks location and strong in-place tenant profiles.

Solution

Max and Ben emphasized in-person tours to highlight the quality of this asset, compared to similar properties on the market. In total, they toured over 15 interested buyers and generated 9 qualified offers over 6 months of marketing.

Result

The Sellers were relieved to accept an offer at 97% of the listed price. Contingencies were removed in June and escrow closed 60 days later. The Sellers are going to cash out and the buyers were thrilled to acquire a stabilized asset in a high-demanded rental market.

Speaking for myself and everyone involved, you were absolutely the best broker we could have selected to market our portfolio. You found an incredible buyer and were able to guide us through so many challenges, including a global pandemic, and secured us a price beyond our expectations.

- Seller (60 Units by The Grove)

“I cannot say enough great things about KST. They take care of you, they have the connections needed, and they get the job done! We were amazed at how quickly our sale went through during the COVID pandemic.”

- Seller (4 Units in Beverly Grove)

“It was truly a pleasure working with Kenny. He is professional, honest, hardworking and most importantly did what he said he would. Kenny sold the property at list price in less than 60 days from start to finish.”

- Seller (Beachfront Generational Asset in Playa del Rey)

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