Built in 2019, the sellers had spared no expenses constructing a luxurious 11-unit building in this rapidly developing Silver Lake neighborhood. Despite having intentions to retain the property, one of the investors had a change of heart and the decision was made to cash out.
Silver Lake New Construction Closes During CA Lockdown
563 N. Hoover Street, Silver Lake
Price Paid: $7,845,000
About The Property
Year Built 2019
Current CAP 4.52%
Price p/ Sq. ft. $706
Price P/ Unit $715,000
With the sellers having limited flexibility on price, Kenny and Max were looking for a “needle in a haystack” buyer who would appreciate the quality of construction and strong in-place tenant profiles.
Kenny and Max emphasized in-person tours to highlight the quality of the asset, compared to other new construction buildings on the market. In total, they toured more than 30 different buyers over 4 months of marketing.
Contingencies were removed in mid-March, as the country braced for the apex of the COVID-19 pandemic, and escrow closed in June. The sellers were thrilled and relieved that Kenny and Max were able to close the deal at 99% of the listed price in the middle of a global pandemic. Meanwhile, having seen the stock market drop in 30 days, the buyer was relieved to acquire a safe asset to weather the economic uncertainty. Rent collections were 100% in April, May and June.
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.
Kenny allowed me to move on with selling my property as quickly as possible. During a time of regulatory change, his real estate knowledge was able to time the markets perfectly to get me the best return on my investment. I look forward to continuing my future business projects with him!
I chose to hire Kenny over the other agents because of his dedication and persistence over the years, as well as his keeping me abreast of current market trends. I was extremely happy with the price he got us, and over all I would say his team performed brilliantly.