After owning the property for over 30 years, the seller felt the property no longer fit in his portfolio and wanted to focus on his primary business.
Beachfront Generational Asset Closes Over Appraised Value
6615 Pacific Avenue, Playa del Rey
Price Paid: $10,950,000
About The Property
City Playa del Rey
Units 15 & 1 Guest Room
Current CAP 3.17%
Price p/ Sq. ft. $698
Price P/ Unit $730,000
This generational asset received an appraised value of $10,500,000 in November 2019. Before listing the property, the seller had received an unsolicited offer that matched the appraisal. Given the uncertainty in the market, he considered it a “home run” offer and was leaning towards accepting it.
With unparalleled multifamily expertise and an extensive network of savvy multifamily investors, Kenny was able to convince the seller that he would be leaving money on the table if he accepted the unsolicited offer. After marketing the property for less than two weeks, Kenny generated multiple offers. Ultimately, the sellers were thrilled to accept an offer from our buyer at $10,950,000. Escrow closed 45 days later.
“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 wanted to reach out and thank you for donating a share of your Ridgewood commission to A Place Called Home. When Selwyn told me that he had asked, and you agreed I was overwhelmed. A Place Called Home ( APCH) is a cause dear to my heart. I have sat on the board for the last five years and this June I will become the Chairwoman. Thank you for your great service, and I look forward to many more deals down the road.