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5/05/23
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The Avalon Apartments, a 47-unit multifamily property located in the Koreatown neighborhood of Los Angeles, traded in a $9.75 mil ($207.4k/unit) transaction. With the onset of Measure ULA looming, escrow opened and closed the next day, beating the deadline for increased transfer taxes.
Although the brick building was constructed in 1926, it was not subject to Los Angeles rent control. Based on in-place income, the transaction closed at a 5.51% CAP Rate and 11.49 GRM.
Rick Raymundo of Marcus & Millichap represented the seller, a lender that had foreclosed on the property several months prior.
“The typical two-month escrow process was condensed into one business day, which required immense effort from all parties,” stated Raymundo. “We helped to negotiate seller financing, which was crucial in both expediting the process to save the seller from a substantial tax penalty and providing the buyer an immediate, flexible loan.”
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