About The Property

719 Orange Grove is a courtyard-style complex located 0.7 miles from The Americana and features a majority of 2-bdrm. and 2 bath units. Built in 1988, the property features an enticing unit mix of (12) 2-bdrm. and 2-bath units, (2) 1-bdrm. units, and a non-conforming studio unit. Most units feature wood-laminate flooring, stainless-steel appliances, central air conditioning, and private balconies. Please note that the City of Glendale currently allows an 8.8% annual rental increase (5% + CPI).

Stats

Price $5,575,000

Year Built 1988

Current CAP 4.83%

Proforma CAP 5.91%

Price p/ Sq. ft. $470

Price P/ Unit $398,214

Background

719 Orange Grove, a courtyard-style complex located 0.7 miles from The Americana, featured a majority of 2-bdrm. and 2 bath units. The property was near a vibrant downtown district home to several large shopping complexes, independent retailers, cafes, and restaurants along Brand Boulevard. The owner was a long-term client of Kenny’s, who wanted to diversify out of some of his California real estate holdings.

Wins for Our Buyer

1 month into the listing, we identified an exchange buyer who closed escrow in 90 days at $5,575,000. This sale was a PHENOMENAL win for our buyer because:

  1. He was able to execute a 1031 exchange, selling an out-of-area portfolio, and trading into a single property much closer to home.
  2. He will be increasing cash flow by streamlining operations and reducing expenses.

Wins for Our Seller

Also, this sale was a PHENOMENAL win for our Seller on multiple fronts:

  1. He’s unburdened by upcoming legislative risks involved with CA ownership (SB-33 – Justice for Renters – click for more info).
  2. He will increase AND stabilize his cash flow by exchanging into an institutional-grade investment product outside of CA.
  3. He will be free from the stress of property management headaches.
  4. His capital gains taxes will be deferred

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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1144 elden - property exterior