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.
About The Property
Stats
Price $10,275,000
Year Built 2014
Units 21
Current CAP 3.53%
Price P/ Unit $540,789
Background
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.