This newly constructed trophy asset was previously listed with another agent and received zero offers. With our expertise and track record, the Sellers turned to Kenny Stevens Team to get the job done.
About The Property
Stats
Price $9,400,000
Year Built 2021
City East Hollywood
Sq. ft. 23,763 SF
Units 11
Price p/ Sq. ft. $396
Price P/ Unit $854,545
Lot Size 17,161 SF
Background
Challenge
Despite the incredible promise of the gentrifying neighborhood, potential investors questions whether or not they could achieve the projected rents. Another common objection was the PPU. At $898,000 per unit, many felt the price was steep compared to other new construction projects in the neighborhood.
Solution
Kenny and Max knew that they were looking for a “needle in a haystack” 1031 exchange buyer who would appreciate the unparalleled quality of construction. By emphasizing in-person tours, they were able to create a competitive bidding environment.
Result
After being on the market for only one month, Kenny and Max generated multiple offers and got this new construction gem into escrow! The Sellers were elated to accept an offer at $9.4M (95% of the listed price), prior to lease-up, and escrow closed 60 days later. At $854,000 per door, the sale of 943-947 N. Oxford Avenue sets a price per unit record for East Hollywood!
