Sale of Los Angeles Apartment
Los Angeles— Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the $5,800,000 sale of a 48-unit multifamily complex located at 501 South Rampart Boulevard, Los Angeles, CA. The property boasts over 26,000 square feet and offers easy access to interstates 405 and 101. Associate Vice President Taylor Avakian and Market Leader Charles Wright represented the seller in the transaction.
The seller, Cherry Shopping LLC, achieved its goal of relinquishing the property at the market’s peak to reallocate capital after 20 years of ownership. Matthews™ created a competitive buying pool, bringing in numerous qualified offers, ultimately closing at a sub 4.75 percent cap rate. The buyer, Flintrock Management Inc., acquired the property to expand its presence in the direct market.
“The property is management-intensive with several facilities needing to be updated or fixed,” Avakian said. “Our client was able to dispose of a difficult estate to exchange into better real estate to hold long term.”
501 South Rampart Boulevard is near Downtown L.A. Each unit has been recently renovated, containing new cabinetry, countertops, and flooring. The facility offers a low unit basis with an attractive gross rent multiplier and rental upside.
“We were able to get this deal closed before the end of the year even with the challenges of high insurance costs and rising interest rates,” Wright said. “By leveraging our relationships and database, we created a competitive environment and netted the most profit for our client.”
Matthews Real Estate Investments 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. Based out of Nashville, TN, and strategically positioned with over 400 agents and support staff in 15 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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