03 Oct 2018
Matthews Real Estate Investment Services™, is pleased to present the $7.5 million sale of a well-maintained 30-unit multifamily property located in Southern California’s “Valley of the Stars.” The transaction, led by Daniel Withers, Senior Vice President of Multifamily, marks the 2018 highest price per square foot for a rent-controlled building in Valley Village, according to CoStar.
The 29,000 square-foot asset, located at 11840 Riverside Drive, is situated on a major thoroughfare between Radford Avenue and Carpenter Avenue. The property was built in 1956, is subject to rent control, and consists of 19 one-bedroom/one-bathroom units and 11 two-bedroom/one-bathroom units.
“The current rent at the property is below market, and through a small capital contribution to the property rents can be increased to market prices,” said Withers. The property, formally called Casa Del Riverside Apartments, offers nicely landscaped grounds, pool, courtyard, wall unit air conditioning & heating, 30 parking spaces, a gated entry, and on-site laundry facility.
The buyer, a Matthews™ private client was looking to satisfy a 1031 exchange, and the seller, a local family operator was looking to diversify their current portfolio. “The purchase of this property helped reposition the buyer’s portfolio, and is expected to see a significant increase in income through hands on management,” added Withers.
For more information regarding the sale of 11840 Riverside Drive or if you have any questions relating to your multifamily investment(s), please do not hesitate to reach out to Daniel Withers.
About Matthews Real Estate Investment Services™:
Matthews Real Estate Investment Services™ is recognized as an industry leader in multifamily, shopping center, net lease, 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.