𝗙𝗼𝗿𝘁𝘂𝗻𝗲 𝗙𝗮𝘃𝗼𝗿𝘀 𝗧𝗵𝗲 𝗕𝗼𝗹𝗱
𝗝𝘂𝘀𝘁 𝗖𝗹𝗼𝘀𝗲𝗱: 𝟰𝟭𝟬 & 𝟰𝟲𝟱 𝗡. 𝗖𝘂𝗿𝘀𝗼𝗻 𝗔𝘃𝗲. | 𝗟𝗼𝘀 𝗔𝗻𝗴𝗲𝗹𝗲𝘀, 𝗖𝗔
𝗕𝗿𝗼𝗸𝗲𝗿𝗮𝗴𝗲: Equity Union
𝗧𝗲𝗮𝗺: Lucrum Real Estate Group
𝗔𝗴𝗲𝗻𝘁𝘀: Raymond A. Rodriguez | Mathew Gates Freedman
𝗖𝗹𝗶𝗲𝗻𝘁: Family Office
Congratulations to our client on the successful closing of another multifamily investment portfolio located at 401 & 465 N Curson Ave in Fairfax, Los Angeles. Ray Rodriguez & Mathew Gates Freedman of The Lucrum Group are grateful to have represented the Buyer in the acquisition of these assets.
Highlights:
+ Multifamily investment portfolio sale
+ Prime Fairfax, LA location
+ Comprised of 2 buildings & 20 units
+ Under same family ownership for nearly 50 years
+ Represented the Buyer, a family office
+ Non-contingent ALL cash sale & 23-day fast close
Challenge:
The real estate in this sale consisted of two Spanish-style Colonial Revival apartment buildings located in prime Fairfax, Los Angeles that had been under the same ownership for nearly half a century. The properties suffered from significant deferred maintenance and challenging tenants and the rents were significantly below market. In addition, the Sellers, which were a multi-generational partnership across three different families wanted to dissolve the partnership to complete separate exchanges and sell quickly with minimal to NO contingencies. We understood from the outset that having an experienced Buyer with a strong track record, combined with high-quality advisory services and seamless communication between brokers, principals, and attorneys involved, would be crucial for success
Solution:
We established excellent communication and a collaborative discussion regarding value with the listing agents whom we had previously established a relationship with 12 years prior. After discussing and supporting the facts regarding the details on the condition of the property, what it would cost to address immediate concerns, sales comparables and market trends, we arrived at a similar value range as to where we realistically thought the properties would trade for and advised accordingly. Our team then tapped into our database of local investors, making sure to be up-front about addressing the major issues the property presented as well as the terms the Seller was looking for as to not waste anyone’s time. After filtering out the wrong buyers for the property, we focused on the most qualified investors and ultimately generated a non-contingent ALL cash, fast-close offer.
Results:
The Sellers were pleased to be able to proceed with a fast and headache-free sale after previously struggling to sell the property to another buyer, who ultimately wasted time due to being overwhelmed by the extent of work the buildings required and scared off by the low rents. The Buyer, our client, was looking to further centralize his management and portfolio, so he was excited to further expand his investments locally and this opportunity presented a challenge worth investing in. We are grateful to all involved for their trust and cooperation, especially the listing agents who exemplified professionalism and worked incredibly hard to help us all bring this to the finish line and a successful closing together!
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