Just Closed: 7 Units | Northridge, CA
𝗔𝗴𝗲𝗻𝘁: Raymond A. Rodriguez | Heather Boren
We represented the Seller in this sale, a Lucrum Legacy Partner who has now successfully listed and sold 3 Los Angeles apartment buildings with our team over the last 2 years totaling 37 units just shy of $8,000,000.
Our client had become understandably frustrated with the city of LA’s covid-19 response including the city’s extensions to rent collection and eviction restrictions for non-paying tenants. He decided to expedite his plans for 1031 Exchange into a more landlord friendly state with less restrictions, more opportunity for growth and less management headaches.
Despite the challenges presented by Covid-19 we were able to help our client accomplish his goals by securing an offer from a quality, 1031 Exchange Buyer brought to the table by another experienced commercial real estate broker.
Our marketing efforts, skillful negotiation and collaboration with our client helped pull it all together. We closed the transaction at impressive value indicators including $200,000 cost per unit, $271.53 per sq. ft., 4.61% cap rate and 12.76 GRM.