NAI Capital Completes 8-Unit Multifamily Investment Sale In Westwood Village
Los Angeles, CA, Thursday, May 25, 2017– Vice President Mario Gandara with NAI Capital’s Multifamily Services Group completed the sale of a 8-unit multifamily investment property in Los Angeles Calif. Gandara represented the seller in the transaction. The seller was Zenta LP. The buyer was MMP Greenfield LLC. The sale price totaled $3.2 million or $400,000 per unit.
The property is located at 1424 Greenfield in the city of Los Angeles. The two-story building was built in 1968 with spacious 2 bedroom, 2 bath units. The property is well maintained and situated directly south of UCLA, in an area referred to as the “Westwood Village.” It is in an amenity rich area, featuring blocks of restaurants and businesses catering to both students and office tenants next to UCLA, in Westwood. Straddling Beverly Hills, Bel Air, Brentwood and Century City, multimillion dollar homes populate the periphery while students pay a premium to rent near campus. The property was 50% vacant at the time of the sale.
Gandara said, “The seller wanted to exchange into a property closer to where they live so as to relieve them of property management issues. I was successful in finding my client the ideal property for a 1031 exchange in a low inventory market. We closed prior to their identification period expiring. My client is extremely satisfied with the sale of this asset which will form part an up-leg exchange into a larger multifamily investment property closer home.”
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #00806840.
To learn more, visit www.naicapital.com
About NAI Global
Founded in 1978, NAI Global is a leading global commercial real estate brokerage firm. NAI Global Offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 Offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of over 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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