Price $6,000,000
City West Hollywood
Units 16
Current CAP 3.02%
Price p/ Sq. ft. $558
Price P/ Unit $375,000
The property, built in 1950, was acquired one year prior with the intention of keeping for the long-term. But when the owners saw how much it had appreciated in 12 months they decided to take some chips off the table, and trade into something bigger.
Kenny had his work cut out for him, as he was seeking an unprecedented price, and there were several nearby listings that were not selling, even after price reductions.
The Property was purchased by a Japanese group for full price with an all-cash offer and two week closing. The sellers are currently exploring trade opportunities throughout the U.S. with much higher cap rates and will undoubtedly double or triple their cash flow!
The marketing efforts and networking Kenny and his team executed generated almost two dozen offers! Ultimately giving us a clean cash offer with a quick escrow. The transaction management was flawless and painless. The team was always there for us and responded to our calls and emails promptly. Thank you for closing this!
