El Segundo, CA – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate company, is pleased to announce the sale of a 20-unit apartment building located at 12626 Matteson Ave in Los Angeles, CA. Senior Associate, Kyle Mirrafati, represented both the buyer and seller in the $9.7M multifamily transaction.
The Matteson Ave apartment building was built in 1988 in Prime Westside, a unique location for the multifamily market. The building offers a unit mix of majority 2-bedroom and 4-bedroom units with lofts. Additionally, the property offered over 25% rental upside potential and allowable 8% yearly rental increases. This coupled with a CAP Rate of 4.13%, made the purchase especially attractive to the buyer.
The mom-and-pop sellers were motivated to sell due to a partnership breakup. One partner made the decision to convert their assets into cash in order to capitalize on current market values, while the other was focused on exchanging. The buyer, an experienced private client, was heavily motivated by the location of the asset as well as its potential cash flow. Kyle Mirrafati sourced both the buyer and the seller in the transaction and was extremely hands-on while managing the expectations of both parties.
“The sellers held title as an LLC, therefore the transaction had to be structured in a way that allowed both partners to go their separate ways without causing any tax implications,” explained Senior Associate Kyle Mirrafati. “We structured the deal as a PIN (Partner Installment Note) held by the Qualified Intermediary which allowed one partner to cash out in two installment payments and allowed the other partner to continue with a 1031 Exchange.”
Senior Associate Kyle Mirrafati achieves success for his clients by applying his extensive knowledge of the Los Angeles multifamily market and ability to “make a market” for multifamily assets through strategic planning. For more information regarding the sale of 12626 Matteson Ave, Los Angeles, CA or if you have any other questions relating to multifamily investments in the L.A. area, please do not hesitate to contact Kyle Mirrafati. To view all current listings, visit www.matthews.com.
Matthews Real Estate Investment Services™ is recognized as an industry leader in Shopping Centers, STNL, Multifamily, Leasing, 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.