Los Angeles, CA – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate company, recently brokered the sale of Pebble Creek Apartments for $8.9M. The multifamily property is located at 14725 Titus St. in Panorama City, CA. Matthews™ Executive Vice President and Managing Director, David Harrington, led the transaction.
Pebble Creek Apartments has 44-units, totaling 41,656 square feet. The Los Angeles multifamily asset was built in 1963 and is situated in Panorama City, a neighborhood in the San Fernando Valley. The community is conveniently located in proximity to the 405 Freeway, and less than a mile from Van Nuys Metro Station’s Orange Line. Construction is underway on a $393M project that will significantly speed up service along the Orange Line bus route. In addition to new stations, a pair of aerial bridges will be built at Sepulveda and Van Nuys Boulevard. Construction on all phases of the project is forecast to be completed by 2025.
The seller in the transaction is a private investor and longtime client of Matthews Real Estate Investment Services™. A large portion of the property requires soft-story retrofitting and rather than completing the work, the seller preferred to sell the property. The apartment building went under contract within two weeks of being listed. The seller received a strong price per unit for the asset due to multiple, competitive offers on the table.
The buyer, an active investor in Los Angeles County, was sourced through a marketing campaign. Their motivation was to add additional units to their portfolio in a market that they are active in. The buyer has tremendous economies of scale in the submarket and can leverage their existing teams to renovate, improve, and reposition the asset to unlock the rent upside potential. The property requires extensive work to satisfy the mandatory soft-story retrofit program. Matthews™ David Harrington managed the expectations of both the seller and the buyer, prior to acceptance of an offer, to ensure the buyers willingness to perform the work post-closing.
“Thanks to our proprietary database, we were able to create a competitive environment by casting a wide net to put this opportunity in front of many qualified investors. Our platform generated multiple offers, and we ultimately sourced a qualified buyer who exhibited a high probability of closing. The buyer closed at the original contract price and executed a smooth process from start to finish,” said Executive Vice President and Managing Director, David Harrington. “One of the hurdles that we faced, was that permits were due during the escrow process, so we had to work with the city in order to obtain an extension of time to accommodate both buyer and seller. In the end, the transaction was mutually beneficial for both parties.”
For more information regarding the sale of Pebble Creek Apartments or if you have any other questions related to multifamily investments, please do not hesitate to reach out to David Harrington. To view our 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