16-unit West Hollywood Property sells for all-cash, full asking price offer!
Record Price for West Hollywood Apartments
8730-8740 Holloway Drive, West Hollywood
Price Paid: $6,000,000
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.
True character building in prime West Hollywood location, near the Sunset Strip. The building has mature landscaping and a lovely outdoor courtyard. Walking distance to the best nightlife and restaurants the city has to offer.
City West Hollywood
Current CAP 3.02%
Current GRM 19.91%
Price p/ Sq. ft. $558
Price P/ Unit $375,000
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.
Kenny and his team worked extremely hard to find the right buyer, responding to hundreds of phone calls and emails, and showing the property (and two vacant units) to at least 18 prospective buyer groups, before finding the right one!
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!