13 Mar 2018
Los Angeles, CA—Matthews Real Estate Investment Services™ has arranged the record sale of a 56- unit multifamily building for $9.45 million in Van Nuys, CA. The transaction was led by Daniel Withers, Senior Vice President of Multifamily, who exclusively represented the seller in this sale.
Utilizing Matthews’™ marketing platform, Withers generated more than ten offers, had over 45 interested buyers, and conducted over 25 property tours. Located at 6833 Sepulveda Boulevard, the asset set one of the highest price-per-square-foot sales in Van Nuys for a property built in 1967. The property sold for $272.75 per-square-foot and $156,250 per unit.
Withers negotiated on behalf of the seller, Newport Property Investments, LLC, a $1.2 million early deposit release and for the buyer to cover the cost of future soft-story retrofit on the property. The buyer, RCG, Inc., satisfied a 1031 exchange and assumed the 1st trust deed.
The unit mix, majority one-bedrooms, created some challenges during the deal process. However, Withers was able to complete a record-breaking sale and satisfy both the buyer and seller.
For more information regarding the sale of 6833 Sepulveda Boulevard or if you have any questions relating to your multifamily investment(s), please do not hesitate to reach out to Daniel Withers. Currently, Withers is bringing to market a 30-unit multifamily property in Valley Village for $7.75 million and a 7-unit property in Sherman Oaks for $1.85 million.
About Matthews Real Estate Investment Services™:
MATTHEWS REAL ESTATE INVESTMENT SERVICES™ is recognized as an industry leader in multifamily, shopping center, STNL, management, leasing, portfolio disposition and 1031 exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit WWW.MATTHEWS.COM.
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