25 Sep 2019
El Segundo, CA – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate company, announces the sale of a 40-unit apartment building located at 3750 Jasmine Avenue in Los Angeles, California for $10.3M. Built in 1976, the 27,022 square foot building is situated on a 21,655 square foot lot zoned LAR3. The listing agent for the property was Senior Vice President & Senior Director of Matthews™ Multifamily division Daniel Withers. The property was co-listed with Jeffrey Louks of Marcus and Millichap.
The multifamily property is located near Downtown Culver City, on Jasmine Avenue off Venice Boulevard. The apartment building is walking distance to shopping, restaurants, entertainment, and night life. The location provides easy access to the Culver City Metro Station, which has transit lines connecting the area to Santa Monica and Downtown Los Angeles as well as both the 405 and 10 Freeways. Additionally, the area is booming with large companies that are located or moving to the area such as Sony, Amazon, Apple, Google and HBO.
The seller, a private investor and longtime client of Daniel Withers and Jeffrey Louks, was motivated to sell in order to take advantage of high equity returns. The seller benefited from the sale due to timing, ease of close, as well as pricing. “The transaction was mutually beneficial for the seller as well as the buyer,” said Senior Vice President & Senior Director of Multifamily Daniel Withers. “This is an irreplaceable location in Los Angeles. The buyer benefited from the transaction by purchasing a well-located property with a tremendous amount of upside.” Current rents are significantly below market value, allowing for the buyer to have upside as the units turn.
For more information regarding the sale of 3750 Jasmine Avenue or if you have any questions relating to multifamily investments, please do not hesitate to reach out to Senior Vice President & Senior Director of Multifamily Daniel Withers. To view our current listings, please visit www.matthews.com.