Matthews™ Brokers the Sale of a 38-Unit Apartment Building for a Record-Breaking $9.15 Million

Los Angeles, CA—Matthews Real Estate Investment Services™ is pleased to announce that Daniel Withers, Senior Vice President of Multifamily, has arranged the record sale of a multifamily property located in the Sunland-Tujunga neighborhood of Los Angeles, CA.

Producing over 45 interested buyers and generating multiple offers, the asset, Parkview East Apartments sold for $9,150,000. According to CoStar, this is the highest sale price for a multifamily property in the city of Sunland.

Located at 8608 Foothill Boulevard, this non-rent controlled asset is positioned in the very desirable community of San Fernando Valley. Specifically, the Sunland-Tujunga submarket, which historically has had some of the lowest vacancy factors of all of the San Fernando Valley. By utilizing the Matthews™ platform, Withers created substantial competition resulting in a winning buyer and a non-contingency escrow.

The seller and long-term client achieved this record-breaking price on the property before exchanging proceeds to a better location. The buyer, an undisclosed private investor, separated themselves from the competition by providing the seller with, not only an acceptable price but also great terms. The buyer provided the seller with the time needed to help in seller’s 1031 Exchange.

For more information regarding the sale of 8608 Foothill Boulevard or if you have any questions relating to your multifamily investment(s), please do not hesitate to reach out to Daniel Withers. Currently, Withers is bringing to market two 18-unit buildings in Sherman Oaks for $5.5 million and $6.5 million.

 

About Matthews Real Estate Investment Services™:

MATTHEWS REAL ESTATE INVESTMENT SERVICES™ is recognized as an industry leader in multifamily, shopping center, net lease, management, leasing, 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.