West Hollywood Sale Located Two Miles Off Sunset Strip

 

Los Angeles, CA — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, recently completed the $11.4 million sale of a 21-unit apartment building located at 110-12 South Swall Drive, Los Angeles, CA. Senior Associate Taylor Avakian and Vice President J.A. Charles Wright represented the seller in the transaction.

 

The buyer, sourced by Matthews™, was aiming to grow their portfolio with a value-add property. The acquisition was completed at a 2.5 percent cap rate with a gross rent multiplier over 20.

 

“We were able to generate multiple offers from various outlets of exposure. This property received tremendous attention and ultimately landed the seller a great price,” said Avakian.

 

The multifamily asset is in an affluent neighborhood in the middle of West Hollywood, Beverly Hills, and Beverly Grove. The area features high-end retailers and is close to the luxury hotel, Four Seasons Beverly Hills, as well as Cedars-Sinai Medical Center.

 

“We overcame the challenge of changing debt markets by utilizing our Matthews™ exclusive database to generate multiple offers,” said Wright. “The buyer performed in the midst of rate hikes we haven’t seen in nearly 15 years. We navigated each party’s major concerns, and this was a smooth and successful escrow process for both buyer and seller.”

 

The Los Angeles multifamily market is reaching record numbers, achieving $13.9 billion in sales in the last 12 months. The need for housing in this neighborhood is strong, with over 26,000 units currently under construction.

 

For more information, or to contact Taylor Avakian or please visit www.matthews.com.

 

 

 

 

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 400 agents and support staff in over 14 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.