Team: Lucrum Real Estate Group
+ 15 Day All Cash Close
+ Value-Added Investment Opportunity
+ AB 1482: 5% + CPI Rental Increases
+ Represented Buyer – A Lucrum Legacy Partner
Congratulations to our valued client on his latest acquisition of Erwin Garden Apartments, a 6-unit garden-style multifamily investment property located at 14244 Erwin Street in Van Nuys, CA.
The Sellers owned and operated this apartment building since 2003. Property management had become overwhelming with the changes in rent control laws, eviction moratorium and cost associated with soft story retrofit totaling over $70,000 dollars. So, the Sellers decided to list their property for sale with another broker to take advantage of the market and achieve a fair price for the property while also relieving themselves from property management headaches.
Once the property hit the market, we studied the opportunity and noticed it was built in October of 1978. This meant that the apartment building was not subject to L.A. City rent control, but rather AB 1482 which would allow for an investor to realize the rental upside faster with 5% + CPI rental increases.
We immediately brought the opportunity to our client whom we have represented in several acquisitions & dispositions. He recognized the potential we identified and agreed to write an ALL-CASH offer & close in 15 days!
With clear communication and cooperation all parties worked harmoniously to complete the due diligence swiftly and close smoothly. With professional & friendly collaboration, full transparency & the experience required for a transaction such as this we are happy to share that both parties achieved their goals!
Thank you to ALL who contributed in helping to make this a fast and smooth closing possible!
We love helping our clients accomplish their goals and improve their lives. Contact us and be a part of our next real estate success story!!!