A four-building, 36-unit multifamily portfolio in Brentwood, California, has been sold by original ownership for $17.165 million. The buyer is a local real estate investor and developer. Kidder Mathews commercial real estate broker Michael Monempour represented both parties in the transaction.
The portfolio included four buildings across three properties and was sold off-market in a 1031 Exchange. The buildings were constructed in the 1960s and have remained under original family ownership for 60 years.
The buyer has built and maintained ownership of several apartment buildings in the Brentwood neighborhood. This was a rare opportunity to acquire a collection of well-maintained assets in a market with low turnover.
A two-building, 18-unit property at 11821-11825 Goshen Avenue, a 9-unit property at 11926 Dorothy Street, and a 9-unit property at 1246 South Westgate Avenue are included in the portfolio.
“A portfolio sale of this caliber does not often happen in West LA. Even with rising interest rates, the properties sold at premium values,” said Monempour. “The seller’s motivation was due to the rent control policies that LA has adopted. They felt it was time to finally let go of these properties and were able to trade out of these assets for commercial properties that better suit their needs.”
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 62 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.