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

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.

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!

“I cannot say enough great things about KST. They take care of you, they have the connections needed, and they get the job done! We were amazed at how quickly our sale went through during the COVID pandemic.”

- Seller (4 Units in Beverly Grove)

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)

Kenny has shown me his extensive knowledge on the different neighborhoods and movements of the market. He was quickly responsive to any of my client’s needs and brought a sense of togetherness when creating our deals is like no other broker could. After working with the team, I now feel more than comfortable recommending the Kenny Stevens Team to anyone I know.

- Dianne Park (Attorney)