17 Oct 2017
LOS ANGELES, Calif.—October 17th—Matthews Real Estate Investment Services™ is pleased to announce that Daniel Withers, Senior Vice President of Multifamily, has arranged the record sale of a multifamily investment property in Winnetka, CA. The buyer, 303 WR, LLC, purchased the 52-unit property with a final sale of $13,250,000.
Generating over 10 offers, the asset located at 20135 Keswick St. sold at $254,807.69 per-unit, totaling the highest amount paid for a multi-family property in Winnetka history. This record breaking sale closed at over $243.09 per rentable square foot, a 14.84 gross rent multiplier, and a 3.76% cap rate.
The Keswick Manor was equipped with a great unit mix of one, two and three bedroom units. The property boasted a strong amenity package which consisted of a swimming pool and spa, gated parking, two elevators, an on-site laundry facility and an onsite gym.
“Our comprehensive marketing plan and limited amount of non-rent control opportunities in the San Fernando Valley helped in getting a higher level of investor interest for this opportunity” said Withers.
The buyer, 303 WR, LLC is a local real estate investment company who was satisfying a 1031 exchange. The seller, 6910 Kest Lp., was motivated to sell the property to exchange equity into a new asset. The buyer and seller negotiated a 60-day escrow with two 30-day extensions to help the seller with a 1031 exchange.
About Matthews Real Estate Investment Services:
MATTHEWS REAL ESTATE INVESTMENT SERVICES™ is recognized as an industry leader in multifamily, shopping center, STNL, management, 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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