22 Oct 2018
(Los Angeles, CA)—Matthews Real Estate Investment Service™, the nation’s fastest growing commercial real estate firm, is pleased to announce to sale of Chelsey Court at 4040-60 South Hoover Street. Located in Central Los Angeles, the 24-unit apartment complex comprised of three separate parcels, sold for $7.5 million, $312,500 per unit.
The building is situated adjacent to the Los Angeles Coliseum, within proximity to Downtown Los Angeles, and is conveniently located near the University of Southern California, one of the world’s leading private research universities and the oldest private research university in California.
Due to the agent’s expertise of the Los Angeles submarket, the team was able to source a buyer that performed at the best and highest price, and with favorable terms. The escrow was smooth with no re-negotiations on pricing.
The buyer, a Matthews™ private multifamily client, was motivated to acquire the property due to the dense, in-fill location, and the potential to improve the complex to hold long-term. The asset had historically been operated as affordable housing in a very dense, central Los Angeles location. The affordability component of the property recently expired, giving the buyer the option to take all units to market rate.
“With the potential repeal of Costa Hawkins looming, we were able to successfully keep the buyer engaged throughout the transaction,” said Wright. “The buyer paid a premium for the property due to its non-rent control potential once affordable covenants have expired,” continued Harrington.
For more information regarding the sale of 4040-60 South Hoover Street or if you have any questions relating to your multifamily investment(s), please do not hesitate to reach out to David Harrington or Charles Wright. If you want to view our current listings, please visit www.matthews.com.
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.