About The Property

321 N. Bixel is a collection of newly constructed modern units offering condo-quality amenities and unparalleled views of the DTLA skyline. This stabilized trophy asset generates $300K+ in annual gross rental income and features stellar tenant profiles with high-income producing jobs. Constructed in 2020, this generational asset is comprised of (7) loft-style studio units with private rooftop patios and (2) studio units with private courtyards.

Stats

Price $4,850,000

Year Built 2020

City Echo Park

Units 9

Current CAP 4.25%

Price p/ Sq. ft. $700

Background

Constructed in 2020, The Bixel Lofts is a new construction trophy asset comprised of 9 condo-quality units that are not subject to LA City Rent Control. This modern gem was previously listed with another top-performing multifamily team and received minimal activity. With an impressive recent new construction track record, the Seller turned to Kenny Stevens Team to get the job done.

Challenge

Despite the incredible amenities, strong tenant profiles, and the promise a gentrifying neighborhood, interested buyers felt the price was steep compared to other new construction projects in the neighborhood. Kenny and Max knew they were looking for a “needle-in-a-haystack” 1031 exchange buyer who would appreciate the quality of construction and stable cash flow.

Result

Through our marketing initiatives, Max and Kenny identified an outside agent with a 1031 exchange client that needed to close quickly. Our Seller was thrilled to accept an offer at $4,850,000, and escrow closed 30 days later. At $700 per foot, the sale of 321 N. Bixel sets a price per foot record for new construction projects in Los Angeles County.

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)

“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)

“It was truly a pleasure working with Kenny. He is professional, honest, hardworking and most importantly did what he said he would. Kenny sold the property at list price in less than 60 days from start to finish.”

- Seller (Beachfront Generational Asset in Playa del Rey)

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