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.
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
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.