Los Angeles, CA – Matthews Real Estate Investment Services™, the nation’s fastest-growing real estate firm, is pleased to announce the sale of 850 Victor Avenue in Inglewood, CA. Senior Associate Nabil Awada, and Executive Vice President and Managing Director David Harrington, worked in tandem to facilitate the sale of the 50-unit apartment building in the Inglewood neighborhood of the Los Angeles metro for $12,600,000 at a 4.50% cap rate. The deal is the largest apartment building to sell in the 90302 zip code in the last seven years and the second-largest building to sell in the City of Inglewood in the previous three years, according to CoStar.
The seller, a long-term holder, was motivated to sell the property as they were looking to move out of managing multifamily properties, as well as accomplishing estate planning goals due to COVID-19 uncertainties. By utilizing Matthews’ proprietary technology and expertise, Matthews™ agents generated multiple offers and ultimately found a buyer who closed at the agreed upon purchase price and accomplished the seller’s goals and objectives.
The buyer, a Matthews™ private exchange client, was sourced internally. Matthews™ Vice President, Charles Wright, represented the buyer on selling their down-leg properties and exchanging into 850 Victor Ave. The buyer was fond of the property’s proximity to the new SoFi Stadium and the reposition opportunity the building offered. Built in 1962, the property presented the buyer with an ideal value-add opportunity. As the area continues to experience growth, the buyer can leverage the tight rental market by implementing a strategic unit renovation plan and command top of market rents.
“The Matthews™ platform allowed us to execute the highest level of exposure, and our collaborative-oriented environment allowed us to work together and find a ‘needle-in-a-haystack buyer’ for this opportunity,” said Nabil Awada. “Ultimately, we were able to meet the seller’s expectations for price and terms.”
Although the property sold with a high percentage of vacancies and non-traditional bridge loan, Matthews™ agents were able to overcome all obstacles and close one of the largest apartment buildings in Inglewood, despite COVID-19 challenges.
For more information regarding this sale or if you have any other questions related to multifamily investment sales, please reach out to Nabil Awada and David Harrington. 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, leasing, and debt and structured finance. 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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