Matthews™ Team Arranges the Sale of a 66-Unit Multifamily Property for $11.24M
Los Angeles, CA - Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate company, announces the sale of a multifamily property in Los Angeles, CA for $11.24M. The address of the property is 245 South Reno Street, Los Angeles, CA. The apartment building sold for a record price per square foot of $526.02 in Rampart Village. Multifamily Associate, Taylor Avakian, and Associate Vice President of Multifamily, J.A. Charles Wright, worked in tandem to broker the transaction.
245 South Reno Street is a 66-unit apartment building located in the heart of North Westlake, one of the most desirable rental markets in the Los Angeles area. Built in 1964, the property consists of a mix of bachelor, studio, and two-bedroom units. The property boasts an on-site laundry facility that allows for additional income. Tenants benefit from the ability to walk to restaurants, cafes, bars, nightlife, and shopping that line Beverly Boulevard and Wilshire Boulevard. The multifamily asset’s proximity to Downtown Los Angeles as well as Beverly Hills provides easy transport to and from work and weekend entertainment.
The sellers owned the asset for over twenty-five years and wanted to purchase a NNN property, which contributed to their decision to sell. The seller benefited from a record price per square foot for the neighborhood as well as a price per unit of $170.3K for bachelor units. Taylor Avakian and J.A. Charles Wright sourced the buyer using Matthews™ Integrated Real Estate Management System (IREMS). The buyer in the transaction, owns over thirty-five buildings in the area and was looking to purchase an asset in a growing part of the city with great rents and upside.
“Koreatown and Westlake have attracted one of the highest densities of apartment renters in California. This will allow the new owner to take advantage of the ever-growing presence of rental growth and future property appreciation,” said J.A. Charles Wright. “The buyer was able to get exactly what they were looking for which is an excellent asset in a growing market with good in-place rents and a well-maintained building.”
“The seller was extremely pleased with the sales process. We were able to produce twelve offers, with eleven being generated through Matthews™ IREM system and one coming from an outside agent. Furthermore, we are helping the seller with their NNN property. They are currently working with a NNN expert in order to facilitate it,” noted Taylor Avakian.
For more information regarding the sale of 245 South Reno Street in Los Angeles, CA, or if you have any other questions related to multifamily investments, please do not hesitate to reach out to Taylor Avakian and J.A. Charles Wright. To view all current listings, please visit www.matthews.com.