Los Angeles, CA– Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, brokered the acquisition of a two-property multifamily portfolio in Los Angeles. The assets are located at 21707 Saticoy Street, Canoga Park, CA, and 20815 Sherman Way, Winnetka, CA. The portfolio was 77 units total and closed at $17,500,000 at a five percent cap rate. Associate Adam Feldman, Senior Associate John Boyett, and Senior Vice President and Senior Director Daniel Withers handled the transaction.

 

Matthews™ represented the buyer, a California-based LLC, who was looking to invest in a large San Fernando Valley apartment building with strong cashflow and upside potential. The buyer purchased the properties with plans to upgrade the current facilities and potentially add accessory dwelling units (ADU) to both buildings to increase the amount of housing available.

 

“This was a rare opportunity for our client to acquire assets at a five percent cap rate with over 30 percent rental upside potential,” Feldman said. “The property fit the buyer’s long-term goals, plus they had the capital and expertise to handle a value-add type investment like these two assets.”

 

The seller was represented by Richard Ringer of Marcus and Millichap. The investor was aiming to dispose of the multifamily properties to reallocate the capital into a more modern building. Both parties’ representatives worked closely to ensure the transaction went smoothly and all challenges were overcome.

 

“Through constant communication with our client and the listing agent, we were able to overcome obstacles and move through the transaction as efficiently as possible,” Boyett said. “Bringing value to clients is what matters. We’re happy we were able to identify a deal that was a great fit and help the buyers land it. This deal is one of many examples that we have been able to help a client get because of the large amount of activity we have and the number of relationships we have within the marketplace.

 

For more information on this closing or to contact Adam Feldman, John Boyett, and Daniel Withers, please visit www.matthews.com.

 

About Matthews™

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 14 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.

 

PRESS CONTACT

Kaylee Stock
(701) 429-7462
[email protected]