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Category: 1031 Exchange, Apartments, Case Study Tags: 1031 Exchange, Apartments, Multifamily
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Property Profile

$2,300,000
Leasable Area
9,408 sq. ft.

Challenge
Looking to exchange their two multifamily properties in Los Angeles, totaling 30 units, the owner was searching for a property to trade into that required less management responsibility. With deals on market boasting inflated returns on properties, the Matthews™ team worked diligently to provide accurate projected returns. The state of the market during COVID-19 did not slow the team from finding owners projected to hold long-term with good reputations.

 

Strategy
By utilizing the Matthews™ 1031 Exchange Program, the seller was able to accomplish increased cash flow and less management responsibility. Constant communication and diligent collaboration with the client, the team presented an off-market five unit multifamily property in Los Angeles and a 10 unit building in Sherman Oaks. With the help of our extensive database and industry-leading marketing, Matthews™ generated multiple offers for both properties, allowing the team to correspond directly with the Sherman Oaks multifamily owner.

 

Results
Representing both buyer and seller, the Matthews™ team was able to achieve a mutually beneficial outcome. Due to the spread of COVID-19, the agents ensured to properly vet the buyer’s capabilities to close escrow before entering contract. The buyers submitted competitive non-contingent offers, resulting in quick close of escrows. The seller received an increased cash flow by $20,000 by trading into two other multifamily properties early-on in the stay-at-home order in the Los Angeles area with little deferred maintenance in the future.

 

AGENT CONTACT

Charles Wright
+1 (310) 295-4374
[email protected]

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