When Andrew Wilkey and Kenny Stevens of the Prosser Stevens team saw this non-rent controlled asset in a hot LA location listed by a broker for only $1,200,000, they knew it was greatly under-valued.
Obviously, neither the owner nor the broker had any concept of what the potential rents or potential value were for this asset! I’m sure they looked at comps. But comps only tell a part of the story.
We moved quickly and aggressively to acquire the property on behalf of our client, agreeing to a 20 day close and quick due diligence period in order to secure the deal for $1,100,000!
WE FLIPPED IT 30 DAYS LATER FOR $1,312,000.
Seller’s loss is our client’s gain. Next time, the gain can be YOURS. (Unless you choose the wrong broker. Don’t make this same mistake.)
Work with an expert.
PROSSER STEVENS REAL ESTATE INVESTMENTS.
THE MARKET EXPERTS.
31 UNITS IN HANCOCK PARK SOLD FOR 98.5% OF LIST PRICE!
Kenny Stevens of Prosser Stevens Real Estate Investments has brokered the sale of a 31 unit multifamily property located in the Hancock Park neighborhood of Los Angeles.
The Sellers had found a property in Texas that they wanted to purchase. They saw this as the perfect opportunity to trade the 31 unit asset, which was difficult for them to manage. Needing to sell the property fast and for top dollar, they enlisted Kenny and his team to get the deal done.
After 10 days of listing the property and several showings, the property was in Escrow with short contingencies and no financing contingencies. Escrow closed 60 days later in time for the Seller to close on their Exchange Property, the Texas retail acquisition at an 8% + Cap Rate! The Sellers have more than doubled their cash flow, and couldn't be happier with the trade!
This transaction worked great with the Buyer’s investment strategy as well. With the A+ location and 37% upside in rents, they are thrilled with the purchase of this asset. They are planning on adding value by renovating units as they turn over, as well as common area renovations. This good sized asset in a core location is a great addition to their portfolio.
Sold for $5,245,000
(REPRESENTED BUYER ONLY)
Current GRM 15.07 / Pro Forma GRM 9.99
Current CAP Rate 4.07% / Pro Forma CAP Rate 7.35%
Kenny Stevens and Max Berger of Prosser Stevens Real Estate Investments negotiated the acquisition of an 18 unit multifamily property located in the Silver Lake neighborhood of Los Angeles.
Immediately after the property hit the market, Kenny and Max realized the listing price was very low, and would receive a lot of offers. Knowing they had to move fast, they presented the investment opportunity to a long-time client who had been looking for a great deal.
Kenny and Max's ability to act strategically and forge a relationship with the listing agent allowed them to beat out 20 other offers and get the property under contract for their client. Within 30 days, the escrow closed.
With the A+ location and 51% upside in rents, the buyer couldn't be happier with the purchase of this asset. He is planning on adding value by renovating units as they turn over and increasing rents to market levels.