LA Multifamily Portfolio Surmounts Challenges, Trades for $25M
Marcus & Millichap closed the sale of a seven-property, 275-unit multifamily portfolio in the Koreatown and Westlake neighborhoods of Los Angeles. The properties sold for $25.25 million.
“Assembled and managed by a private ownership group over the past 25 years, the portfolio was experiencing challenges, including tenant delinquencies, aging building systems, deferred maintenance and litigation,” said Neema Ahadian, senior managing director investments and leader of The Neema Group of Marcus & Millichap in Los Angeles. “We anticipated buyer concerns, prepared comprehensive due diligence materials and positioned the properties individually and collectively to maximize investor interest and demonstrate a clear path forward.”
Ahadian and Jeffrey Estrada, associate director of The Neema Group of Marcus & Millichap represented the seller and procured the buyer. “Closing the sale required a direct approach to due diligence and constant communication with all stakeholders,” said Estrada. “By addressing issues early and keeping the process moving, we were able to achieve a clean, timely closing in a market where many transactions are stalling.”
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout