VALLEY VILLAGE, CA 91607 | 18 UNITS | APPROX 18,051 SF | MULTIFAMILY SALE TRANSACTION | LOS ANGELES SUBMARKET
Overview
5311 Hermitage Avenue, an 18 unit apartment community, is located in the highly sought after Valley Village apartment community mainly due to its great location on a quiet tree lined street and close proximity to the Metro Orange Line just 2 blocks away. The asset benefitted by its close proximity to Studio City and Toluca Lake, CA. which historically captures exceptionally high rents and a very strong resident demographic. The property, owned for over 20 years, was the only remaining property in the owner’s portfolio. The husband and wife owners concluded that due to an uncertain economy, now was the optimal time to consider selling the asset.
The owners had received numerous inquiries over the years from other brokers and had received three broker opinions of value proposals from area apartment agents. Since The Apartment Expert Group and KW Commercial are one of the markets most respected apartment investment advisors, the owners met with The Apartment Expert Group as well to discuss their plans and the potential marketability of the asset, After meeting, the owners awarded The Apartment Expert Group the assignment to market and sell the asset.
Results
The Apartment Expert Group’s extensive market knowledge, investor relationships and prolific marketing abilities, along with KW’s state of the art research capabilities generated 15 qualified and competing offers within the initial 30 days of marketing the asset. Through The Apartment Expert Group’s all-inclusive and exhaustive marketing campaign they reached every conceivable qualified buyer in the marketplace. The Apartment Expert Group received hundreds of inquiries from potential buyers and investors. The Apartment Expert Group interviewed the most qualified and motivated buyers to identify the best qualified based on their ability to perform.
Value Added
After advising with the Sellers, a buyer was quickly selected. The Apartment Expert Group negotiated a very precise and exacting purchase agreement that allowed for a 1 day inspection and 10 day total due diligence period. The Apartment Expert Group also negotiated a “release and pass-through” of a portion of the buyer deposit, which helped ensure a certain on-time closing. The Apartment Expert Group efficiently and proactively managed all aspects of the escrow and related documentation required to close the escrow. The Apartment Expert Group provided mobile notary services and messenger services to the parties allowing them the freedom and ease of never having to leave the comfort of their home or office.