Encino, CA – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate company announces the sale of a multifamily portfolio consisting of 9 buildings located in San Fernando Valley, CA for $20.2M. Senior Vice President & Senior Director of Matthews™ Multifamily division Daniel Withers and Associate of Multifamily John Boyett arranged the portfolio sale.
The San Fernando Valley is an urbanized region of Los Angeles County. It is approximately 250 square miles, contains 34 neighborhoods, and is home to nearly 1.77 million people. The San Fernando Valley multifamily portfolio consists of 9 apartment buildings spread out across the valley and has a total of 124 units combined. The 9-building multifamily portfolio was closed off market.
The seller, a family trust that owns a sizeable portfolio of apartment buildings throughout Los Angeles County, was looking to capitalize on the high price of the asset in today’s market. The long-term owner held on to the buildings for over 30 years. The buyer, who was sourced by Matthews™ agents, is a high net worth private client. The buyer had capital that he wanted to invest, and these properties were an excellent addition to his existing portfolio. He was motivated to grow his portfolio with well-maintained assets and future upside in rents. Matthews™ agents were successful in negotiating early earnest money being released and a quick close of escrow.
“The COVID-19 pandemic has made this a more challenging time in many ways. Most buyers are asking for huge price reductions or backing out of deals all together,” explained Senior Vice President and Senior Director of Multifamily Daniel Withers. “We are proud to have been able to maneuver through this unprecedented situation and keep the buyer engaged by looking at the investments as long-term.”
“Property rents were significantly below market and therefore required the buyer to take a longstanding approach to this purchase,” said Associate of Multifamily John Boyett. “In the end, we were able to get the buyer to see the long-term rent growth potential associated with the acquisition of the 9-building portfolio.”
For more information regarding the San Fernando Valley multifamily portfolio or if you have any questions related to multifamily investments, please do not hesitate to reach out to Daniel Withers and John Boyett. To view current listings, please visit www.matthews.com.
Matthews Real Estate Investment Services™ is recognized as an industry leader in Shopping Centers, STNL, Multifamily, Leasing, Management, 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.