Los Angeles, CA – Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the sale of a 37-unit multifamily property, The Orion Apartments, located at 8960 Orion Avenue, North Hills, CA. The deal closed at $258,783.78 per unit, the highest price per unit for a rent-controlled apartment in the North Hills submarket, according to CoStar. The final sale price was $9,575,000. Senior Associate Adam Feldman, Senior Associate John Boyett, and Senior Vice President and Senior Director Daniel Withers handled the transaction.
Matthews™ represented the seller who was interested in disposing of the property to exit the California market and take advantage of current high price points for Los Angeles multifamily assets. Agents used the firm’s proprietary marketing platform to source multiple offers, creating a competitive bidding environment, and ultimately closing at a record price.
“We added tremendous value in our marketing process and efforts,” Feldman said. “We obtained 10 offers from different investors across Los Angeles and identified the strongest buyer in the market who paid a premium to acquire the property.”
The buyer, sourced through the Matthews™ database, was motivated to take ownership of a turnkey asset that provides a strong return. The buyer had recently acquired several buildings in the area, making The Orion Apartments a natural fit for their portfolio.
“This was a unique transaction of a larger asset in the area,” Boyett said. “It is rare for a property to sell at this high of a price with strong day one cash flow. The price we achieved was due to the sellers doing a remarkable job during their ownership tenure.”
Matthews Real Estate Investment Services™, a commercial real estate investment services and technology 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 400 agents and support staff in over 13 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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