Senior Vice President Han Widjaja Chen of Lee’s Investment Services Group represented the buyer and seller, both of which are private investors.
“As the multifamily investment market trends upward, more sellers are ready to transact at market price,” said Chen. “Buyers are taking the low interest rate opportunities to acquire attractively priced assets with good cash flow as a hedge against other types of investments. This sale provided a “win-win” situation for the buyer and seller who were both able to achieve their investment goal through this transaction.”
According to Chen, the buyer is planning to realize the upside rent potential of the property and hold it for long term investment.
The 102-unit property was fully leased at close of escrow and also had deferred maintenance that was quickly resolved by Chen.