Rapid Offer & Legacy Partner: Palms Multifamily Sale

Los Angeles, CA 90034 3641 Midvale Ave.

Property Type: Multifamily

Details

  • Year Built: 1987
  • Square Footage: 22,998
  • Lot Size: 0.3618 AC
  • Units: 20
  • No. Stories: 2
  • Transaction Type: Sold
  • Zoning: LAR3
  • APN/Parcel ID: 4252-024-040

Challenge

A former politician and owner of a 20 unit non-rent controlled apartment building in Palms, Los Angeles wanted to quickly sell his investment property in order to liquidate funds for an exciting business opportunity. Lucrum presented him with a value and pricing analysis on his property within 48 hours of his request. The client approved our valuation and pricing after his review of our proposal and data. Despite our advice to list and professionally market his property for sale to guarantee maximum exposure and secure the highest price, he decided that he just wanted his building sold NOW. As part of agreeing to sell, he would require a swift closing with a seasoned and proven multifamily investor.

Solution

We shared our Rapid Offer solution with the seller and what we would need from him to deliver on his wishes for the sale. He was willing to work with us if we could get the job done. Upon the sellers approval to move forward, we emailed and made calls out to our Legacy Partner clientele who invested in the Palms area to inform them of the opportunity and what would be required of them to secure the purchase.

Result

Within a few hours, one of our long-term Legacy Partner clients responded with interest. He loved the building, location and clearly saw the value add potential this multifamily investment offered. He immediately requested that we submit a Rapid Offer for the seller’s consideration at the value and terms the seller wanted. The seller accepted the offer and we closed escrow quickly and smoothly. Lucrum is proud and grateful to have delivered on the seller’s wishes, and to help one of our Legacy Partner clients continue to grow his investment real estate portfolio.

By: Lucrum
November 12, 2020

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