LOS ANGELES, CA 90006 | 40 UNITS | APPROX 20,190 SF | MULTIFAMILY SALE TRANSACTION | LOS ANGELES SUBMARKET
Overview
The asset consisted of an REO, bank foreclosed, 27 unit apartment community in Woodland Hills, CA. The owner was a high profile FDIC insured commercial bank headquartered in Chicago, Illinois who specializes in commercial real estate lending throughout the US. The lender was considering 2 liquidation options for the asset: 1) Finish the nearly completed condominium conversion and Tentative Tract Map process and sell the units out individually as condominiums in the upcoming 12 months OR 2) Sell the asset immediately as a luxury apartment community on an “AS IS” basis
The lender contacted The Apartment Expert Group because of the trust and reputation he has earned as a leading apartment broker in Los Angeles and his profound long standing investor relationships. The Apartment Expert Group through their expertise and industry-leading research capabilities quickly underwrote the asset and presented the lender with several convincing sale options. The lender decided to market the asset for immediate sale. The lender required complete discretion, and as a result, the property could not be marketed to the general public. Each potential buyer The Apartment Expert Group introduced the offering to was required to execute a confidentiality agreement prior to learning the details of the opportunity
Results
The Apartment Expert Group quickly went to work contacting a short list of investors in his personal database, and as a result, they generated qualified and competing offers from several very well-capitalized apartment investors. With The Apartment Expert Group’s help, the lender selected the right buyer to begin negotiations. Once the price and terms were ironed out, a brief one-day physical inspection of the property was conducted by the buyer, and 24 hours later, all contingencies were removed and a non-refundable $145,000 initial deposit was submitted into escrow. The transaction successfully concluded 30 days later. Due to The Apartment Expert Group’s capabilities, investor network and relationships, the lender achieved their goals of completing a quick and discrete liquidation of this 27 unit multifamily asset.