LOS ANGELES, CA 90026 | 40 UNITS | APPROX 20,190 SF | MULTIFAMILY SALE TRANSACTION | LOS ANGELES SUBMARKET
Overview
712 North Vendome Street is a value-add apartment community located in the strong and stable Hollywood / Silver Lake submarket. The property is considered a quality multifamily asset which had been owned for only a short time by its current ownership interest. The owner interviewed The Apartment Expert Group at KW Commercial along with several other area apartment brokers. The Apartment Expert Group ’s broker opinion of value supported an offering price higher than the other competing brokers. The Apartment Expert Group was awarded the assignment because of his excellent reputation, aggressive marketing system and his highly focused approach to the business. Just prior to listing the property, the owner moved permanently to his new home in Asia.
Results
As a result of The Apartment Expert Group ’s vast investor relationships, every conceivable qualified buyer in the market was presented the offering. The Apartment Expert Group fielded hundreds of inquiries from potential buyers and conducted countless confidential, personal tours of the property.
Value Added
The Apartment Expert Group required each potential buyer to provide proof of liquid funds and a schedule of real estate owned, this degree of underwriting on the Seller’s behalf helped assure that the “right” buyer would be selected from the pool of qualified offers generated. After consulting with the Seller and selecting the right buyer, The Apartment Expert Group negotiated a very precise and exacting purchase agreement that allowed for removal of ALL contingencies within a short 12 day period. All the details of the transaction were personally handled by The Apartment Expert Group, thus ensuring a seamless transaction and an early close of escrow. The Seller, who now resided in Asia, was kept up to speed on all important details throughout the process. Through this process, The Apartment Expert Group was able to obtain a value for the property that exceeded the seller’s expectations at over 96% of the offering price and captured the high end of the market.
Testimonial
“The Apartment Expert Group has a great understanding of the marketplace. He quoted me a higher price than other brokers I spoke with and got it! He is personable and a straight shooter who was easy to work with. He’s got a great support team and closed my escrow quicker than expected!”