The Property

This newly constructed 11 unit multi-family building located in one of LA’s trendiest neighborhoods. This street-to-street double lot is comprised of two addresses 563 N. Hoover and 562 N. Commonwealth. With an impressive condo-quality build, this asset boasts an attractive unit mix of (7) three-bedroom units, (1) two-bedroom unit and (3) one-bedroom units. These units are equipped with high-end appliances, luxurious finishes, state-of-the-art technology/security system, and spectacular panoramic views of the Hollywood Hills and DTLA. Located near an abundance of popular boutiques and eateries, this invest property provides a great-long term hold opportunity for investors.

Stats

Price $7,865,000

Year Built 2019

Units 11

Current CAP 4.52%

Price p/ Sq. ft. $706

Price P/ Unit $715,000

The Challenge

With the sellers having limited flexibility on price, Kenny and Max were looking for a “needle in a haystack” buyer who would appreciate the quality of construction and strong in-place tenant profiles.

The Solution

Kenny and Max emphasized in-person tours to highlight the quality of the asset, compared to other new construction buildings on the market. In total, they toured more than 30 different buyers over 4 months of marketing.

The Result

Contingencies were removed in mid-March, as the country braced for the apex of the COVID-19 pandemic, and escrow closed in June. The sellers were thrilled and relieved that Kenny and Max were able to close the deal at 99% of the listed price in the middle of a global pandemic. Meanwhile, having seen the stock market drop in 30 days, the buyer was relieved to acquire a safe asset to weather the economic uncertainty. Rent collections were 100% in April, May and June.

Speaking for myself and everyone involved, you were absolutely the best broker we could have selected to market our portfolio. You found an incredible buyer and were able to guide us through so many challenges, including a global pandemic, and secured us a price beyond our expectations.

- Seller (60 Units by The Grove)

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 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)