Matthews Brokers Record-Breaking Sale in LA
The property located near downtown Los Angeles traded for $9.7 million, which equates to $247,436 per unit and ranks as the highest price per unit in the area.
By Evelyn Jozsa
Matthews Real Estate Investment Services has completed the sale of a 39-unit community in Los Angeles, for $9.7 million or $247,436 per unit, the highest price per unit in the area, within the last three years. CLG Occidental Boulevard LLC traded the property to a 1031 exchange private investor, who was sourced through Matthews’ marketing platform and assumed the existing loan on the property, allowing the seller to avoid a prepayment penalty.
Located at 216 S. Occidental Blvd., the property is near the Hollywood Freeway, within four miles of downtown Los Angeles and 25 minutes from Los Angeles International Airport. The area offers many dining, shopping and entertainment options.
“We executed a thorough marketing campaign, provided property tours, and books and records prior to going under contract to increase the probability of the buyer’s performance,” said David Harrington, national director of Matthews, in a prepared statement. Harrington brokered the record-breaking sale of the asset on behalf of the buyer.
Image courtesy of Google street view