About The Property

Stats

Price $22,350,000

City Beverly Grove

Sq. ft. 56,896 SF

Units 60

Current CAP 2.81%

Price p/ Sq. ft. $393

Price P/ Unit $372,50

Lot Size 50,725 SF

Background

Adjacent to several of the most popular shopping and dining destination in Los Angeles, this phenomenal apartment portfolio had been with the family since the patriarch of the family developed it in the 1960’s. With his passing and the beneficiaries tired of management headaches, the decision was made to cash out.

Challenge

After all contingencies were removed, it was discovered that several of the units were non-conforming. Additionally, there were several unresolved and complicated title issues that needed to be addressed.

Result

Escrow closed in mid-March, during the height of the Coronavirus panic. The sellers were thrilled and relieved that Kenny was able to close the deal at 98% of the listed price. Meanwhile, the buyer acquired a large asset in 90048 with significant upside on rents, which fit his acquisition criteria perfectly.

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!

- Rick Sam

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.

- Barbara Glazer

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.

- 431 Marine St. (Seller)

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