Matthews™ Brokers $8.5M Sale of Value-Add California Apartment Building

Los Angeles, CA – Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the sale of 2033 Beachwood Drive, a 26-unit apartment building located in Hollywood, CA. The transaction closed at $8,500,000 and was brokered by Senior Associate Luc Whitlock and Associate Vice President Kyle Mirrafati.

 

The seller, local family business owners, had operated the building for over 40 years before deciding to sell to rid of the management responsibilities and exit the Los Angeles market to avoid ongoing landlord restrictions. The seller received a profitable price point and closed within their desired timeframe.

 

“We beat out several competing brokerages to win this listing and accomplish our client’s goals,” Whitlock said. “We worked tirelessly to proactively sell this property at the promised price point and source a qualified buyer that understood the Los Angeles market and was interested in a value-add opportunity.”

 

The buyer, Paul Schon of Schon Tepler Group Inc. (STG), primarily focuses on ground-up development but recently, due to limited inventory in development, restructured part of their business model to include acquisitions of existing assets and capitalize on the rental-upside in value-add properties. The buyer received a building that fit their investment criteria and a seamless transaction process.

 

“The multifamily investment needed a sophisticated buyer who was bullish on the Los Angeles market and had resources and bandwidth to renovate multiple vacant units,” Mirrafati said. “Paul was a pleasure to work with and we are ecstatic to get this deal across the finish line and close at the price we promised our client.”

 

For more information on this listing or to contact Luc Whitlock and Kyle Mirrafati, 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 13 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.