Los Angeles, CA – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate firm, brokered the sale of 509 S Manhattan Place in Los Angeles, CA for $12.5M. Associate of Multifamily, Taylor Avakian, and Associate Vice President of Multifamily, J.A. Charles Wright, brokered the transaction.
509 S Manhattan Place is a 64-unit apartment building built in 1970. The building consists of approximately 26,900 square feet on an 18,016 square foot lot. The property is in the Koreatown neighborhood of Los Angeles, the premier location for long-term rental growth assets. The building is within walking distance to the nightlife and office of Koreatown and has ample access to public transportation with the new purple metro line located a few blocks south on Wilshire Blvd.
“We brought this deal to market at the height of the national lockdown and were faced with lender retrades, tour malfunctions, and a national pandemic affecting not only the real estate community but the world at large,” said Taylor Avakian. “We were fortunate to have received an invitation to provide our Opinion of Value to the client. As soon as they saw our activity in the area and our expertise in selling deals for record highs in the neighborhood, they knew that they could trust us to create a favorable outcome for them.”
The seller’s owned the property for over 20 years and were motivated by a desire to move their investments outside of California. They wanted to have more control over their assets and equity to maximize their potential, without government interference. This prompted the sellers to look for agents with a strong track record of selling large buildings and a team that could help facilitate a 1031 exchange into a NNN asset.
“Because Matthews™ utilizes a shared platform, in which agents work together, we were able to bring on our National Director of STNL, Chad Kurz, to assist with the exchange,” said J.A. Charles Wright. “The clients recognized the value of working with a specialist in their given field and were delighted with the results.”
For more information regarding this sale or if you have any other questions related to multifamily investment assets, please do not hesitate to reach out to Taylor Avakian and J.A. Charles Wright. To view current listings, please visit www.matthews.com.
Matthews Real Estate Investments Services™, the nation’s fastest-growing commercial real estate brokerage firm, holds recognition as an industry leader in investment sales and leasing. Founded in El Segundo, CA, and strategically positioned with over 300 agents and support staff in over 10 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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