Los Angeles, CA – Matthews Real Estate Investment Services™, the nation’s fastest-growing real estate firm, is pleased to announce the sale of 114 South Gramercy Place. Senior Vice President and Senior Director Daniel Withers and Senior Associate John Boyett worked in tandem to facilitate the sale of the 33-unit apartment building in the Hancock Park neighborhood of Los Angeles, CA. The three-story property was built in 1995 and comprises seven studios, seventeen one-bedroom, one bathroom, and two-bedroom, two-bathroom units.
Situated south of Beverly Boulevard and west of Western Avenue, the property is located minutes from Koreatown and Hollywood. The seller was motivated to sell the property to reposition equity into a less management-intensive opportunity. Matthews™ agents created a competitive bidding environment by utilizing Matthews™ proprietary technology to market the property.
“We performed over 50 property tours and generated 17 offers,” said John Boyett. “The seller ultimately selected a buyer whose offer was free of all contingencies and agreed to release a non-refundable earnest money deport day one.”
The buyer, represented by Jeffery Louks and Elliot Sabag of Marcus and Millichap, targeted value-add opportunities and felt this property was a great candidate for their business model. The asset will allow the buyer to invest capital and lease out the vacant units, providing immediate upside.
“Due to COVID-19, the property had experienced high unit turnover,” said Daniel Withers. “Sixteen of the 33 units were vacant and required a significant amount of capital expenditures. Ultimately, we were able to find the right buyer for the deal.”
For more information regarding this sale or if you have any other questions related to multifamily investment sales, please reach out to Daniel Withers and John Boyett. 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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