14517 Larch Avenue, Lawndale, CA
20-Unit Apartment Building
Price Sold: $5,670,000
Josh managed the listing and sale of this 20-unit property located in Lawndale. The Seller was a private equity real estate syndication group whom Josh had sold numerous properties for in the past. This transaction was particularly noteworthy because Josh had sold the property to them in 2012 for a price of $2,500,000. When it was time to sell the asset in 2018, Josh was able to deliver a price of $5,670,000, which gave them a profit of $3,170,000! During the holding period, the Seller had put in almost $400,000 worth of remodeling costs and capital expenditures into the property, and was very keen on being able to recapture those expenses and the additional appreciation through the sale. In order to help the Seller achieve this goal, it was important to present this investment opportunity to as many qualified Buyers as possible, and highlight its key features that would appeal to a Buyer.
Through the marketing process, 5 offers were generated, and Josh helped the Seller select a specific Buyer which would fit both the Sellers needs, as well as having the ability to close at a moments notice, all cash. Through the negotiation process, Josh was able to coach Buyer to increase the initial offer by $200,000, and the eventual sale was the highest sale price per unit ever recorded in Lawndale at the time!