Challenge

The Old Agoura Apartments, located in the heart of Agoura Hills, California, consists of 18 newly constructed condo-quality units with luxury finishes. The property was built in 2018 and is one of the most recent multifamily developments in the submarket. There are a limited number of transactions that have taken place in the immediate submarket, making it challenging to reference a comparable sale. The seller, who is an active developer in Los Angeles, was looking to reposition the equity into developing new projects.

Strategy

With limited transaction comparables available, the team set to market this one-of-a-kind property. Utilizing the Matthews™ marketing material, extensive database, and hyper-specialization of the Los Angeles market optimized the property’s position as a unique product type for the right buyer.

Results

Representing both the seller and the buyer, Matthews™ was able to identify a solution that worked for both parties. The seller received a high price per unit for this asset, and the buyer increased the unit count in their investment portfolio with this legacy asset.