NAI Capital Completes 26-unit Multifamily Investment Sale in Sun Valley, CA
Los Angeles, CA February 7, 2019 – Vice President Kevin Kawaoka, CCIM with NAI Capital’s Multifamily Services Group completed the sale of a 26-unit apartment complex located in Sun Valley, California. Kevin, represented the buyer, Syre LLC and the seller, a private investor in the transaction. The sale price was $5,000,000 or $192k per unit.
The property is located at 10865 White Street in a quiet residential area of Sun Valley minutes from Burbank, North Hollywood, and Glendale. Built in 1983, two-story property was comprised of a mix of one, two and three-bedroom units not subject to rent control and the rents were significantly under market.
At the time of the sale there was a federal tax lien along with a deed of trust which hadn’t been reconveyed. Kevin brought the seller and buyer together to work through these issues and get the deal closed.
Kevin said, “This was a great opportunity for my client to add significant value to this asset. There is huge rental upside to capture which they will realize through their renovation plans. This was a true win-win for both my clients. We structured a 1031 upleg for my seller and increased their net income by over 49%.”
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 #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
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 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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