HOLLYWOOD, CA 90028 | 12 UNITS | APPROX 7,592 SF | MULTIFAMILY SALE TRANSACTION | HOLLYWOOD SUBMARKET
Overview
1811 N. Wilcox Avenue is a highly sought after 1920’s apartment community mainly due to it’s 100% vacancy, excellent unit mix and superior location in one of Los Angeles’ most dynamic communities. The ownership hired The Apartment Expert Group at KW Commercial to liquidate the asset after nearly 50 years of ownership. The owner also resided in one of the apartments. The Apartment Expert Group was hired to reevaluate the asset’s potential marketability in a relatively volatile economic climate.
Results
The Apartment Expert Group’s strategic and comprehensive marketing campaign produced 5 very strong, qualified and competing “ALL CASH” offers for the property, in less than 3 weeks of marketing. The Apartment Expert Group’s marketing campaign reached every potential buyer through his comprehensive personal database of principals, direct presentations, exhaustive cold calling campaign, hard copy mailers and e-mail marketing. We fielded dozens of inquires from potential buyers and agents. Each buyer was pre-qualified based on their liquid cash-on-hand, schedule of real estate and their ability and willingness to close escrow within 30 days.
Value Added
The Apartment Expert Group negotiated a very precise and exacting purchase agreement with the most qualified Buyer that allowed for an “ALL CASH” purchase, quick close and careful sensibility to the owner’s personal needs. The ownership had significant personal requirements and attention to detail was critical during the process. Overall, the buyer closed within 30 days, with no renegotiating or credits required, thus netting the ownership maximum proceeds.