This dilapidated 26-unit mid-century building in East Hollywood belonged to a married couple who were in the middle of a contentious divorce. While being left in disarray allowed plenty of upside for any potential investor, it was difficult to entice buyers due to the immense amount of work that needed to be done to the property.
Difficult Division of Assets Handled with Care and Tact
5307 La Mirada Avenue, Hollywood
Price Paid: $5,500,000
About The Property
Current CAP 3.88%
Having purchased this building during several years before, a divorcing couple needed to sell this property during the course of diving their assets. This difficult transaction was managed with great care, empathy and tact as Kenny Stevens Team managed to achieve top dollar for the Sellers during the emotional event.
Despite these obstacles, Kenny Stevens Team was able to secure multiple offers and get the property in escrow! One buyer after another backed out due to deferred maintenance issues, and extra steps had to be taken to ensure the closing of the deal due to the difficult circumstances of the Sellers’ divorce. However, the team succeeded and managed to close escrow with a well-qualified Buyer, allowing the Sellers to divide the proceeds and move on with their lives.
“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.”
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.
“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.”