South Bay Apartment Complex Sale A Pivot to Success
a proactive sale in the south bay
In the Harbor region of Los Angeles in the South Bay, this case study illuminates the sale of a 44-unit workforce housing apartment complex, a testament to target marketing, proactive engagement, and the relentless pursuit of client success by a dedicated real estate brokerage team Bluechip Investment Group @ NAI Capital.
This case study delves into the sale of a rare 44-unit apartment complex, revealing the challenges encountered and the strategic solutions implemented to ensure a successful transaction.
PROPERTY OVERVIEW
Key Details
Location: 808 W Anaheim Street, Wilmington, CA 90744. South Bay: ½ mile to Ken Malloy Harbor Regional Park. 6 Blocks to the Wilmington Recreational Center.
Less than .5 miles to the 10 freeway and 3.5 miles to the 710 freeway.
Sale Price: $9,600,000
Units: 44 | 1 of 18 properties in the area that are 40 units or more
Price Per Unit: $218,182
Price Per Square Foot: $541
Building Details: 2-story, 44-unit complex, 50 parking spaces
Year Built: 1987
Building Square Footage: 17,666 sq ft
Lot Size: 16,898
Zoning: LAC2
PARTIES INVOLVED
Seller: Realty Holdings Psjc, LLC
Buyer: Rosaig, LLC
Lead Apartment Broker: Kevin Kawaoka, Bluechip Investment Group @ NAI Capital Commercial
Learn more about our team's expertise.
THE PIVOT
Listed for six months with another apartment brokerage firm without success, the property required a fresh approach. The owners, having worked effectively with our team on a separate deal, recognized our unique capabilities and we earned the exclusive property assignment
CHALLENGES IDENTIFIED
Condition Concerns: The property needed significant attention, including graffiti removal, bulky item pickup, and landscaping enhancements.
Tight Timeline: The sellers had already identified their upleg for their 1031 exchange, creating a pressing need for a timely sale.
STRATEGIC SOLUTIONS IMPLEMENTED
Our team, understanding the stakes, set an ambitious goal: secure the right buyer within a month.
Our efforts culminated in attracting multiple buyers by leveraging dynamic marketing strategies and ability to tap our large network of apartment investors. We were ultimately able to attract the right investment group which was a seasoned 1031 exchange buyer who owned in the area.
Our coordinated efforts ensured the property was presented in the best possible light. During the course of the listing we huddled up with the buyer and seller in order to keep the property clean and have it look it’s best for the appraisal. We scheduled multiple bulky item cleanup pickups, had management hose down the property every week and scheduled the landscapers to keep the grounds clear of any trash overflow and debris.
EXCEEDING EXPECTATIONS
This rapid turnaround not only met but exceeded the seller's expectations, highlighting our team's focused and effective results. The buyer was excited about this value-add purchase and were elated that the building appraised for full value and obtained their desired loan.
Icing on the cake was that according to Costar’s all-time historic sales statistics - at the time this was reported, this sale ( ranks #1 ) in price per square foot for an apartment building in the city of Wilmington.
SUMMARY
This case study is a testament to the power of proactive stewardship, robust marketing systems, and the strength of our investment network. It highlights our team's commitment to delivering solution-driven brokerage services that ensure the success of our clients. As we celebrate this victory in South Bay, we invite you to join us on a journey toward achieving your real estate goals with unparalleled dedication and expertise.
Discover more about our team and successes at Bluechip Investment Group Team and NAI Capital.
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