Two Deals Collapsed Before This One Closed in Seven Days
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The LAAA Team of Marcus & Millichap is proud to announce the successful closing of 1010 South Bedford Street, a 12-unit apartment building in the Pico-Robertson neighborhood of Los Angeles, which sold for $3,650,000.
This was not a quick deal. It ran four months, drew roughly ten buyers and prospects, survived two transactions that collapsed before they reached the finish line, and ended in a seven-day all-cash escrow against a hard 1031 exchange deadline. The honest version of this one is the useful one.
The seller had owned the building for close to 20 years and came to us through two colleagues at Marcus & Millichap. He was selling to complete a 1031 exchange. After a valuation and a pricing presentation in December 2025, we brought the building to market in January 2026, its first time listed in nearly two decades.
The property was built in 1963: three stories, 12 units (three one-bedrooms and nine two-bedrooms) totaling roughly 12,915 square feet on a corner lot, with an elevator, gated underground parking, and on-site laundry. Like nearly all of the Pico-Robertson rental stock, it is governed by the Los Angeles Rent Stabilization Ordinance. In-place rents sat well below market, which positioned the building as a value-add opportunity for the next owner.
The pattern was consistent: capable offers that landed just short of the seller's number. We countered offers, advised the seller through each one, and twice reduced the price with his sign-off, to $3,800,000 at the end of March and to $3,725,000 in early May. Each reduction was small, deliberate, and paired with a full marketing relaunch rather than a panic cut.
Twice we got close enough to put a deal together, and twice it came apart. In late March, a buyer went under contract at $3,700,000 and opened escrow. Seven days in, that buyer cancelled, exercising the contractual contingency to review the seller's documents. We reduced the price and relaunched the same day. In April, a second buyer, also a 1031 investor, signed an offer on financed terms. We countered, and the buyer simply stopped responding. Rather than wait on a deal that had gone quiet, we recommended one final, measured price reduction and another full marketing push.
That push found the buyer who closed. In mid-May, Eliza Kerndian of the Eliza Kerndian Group, a broker who had been engaged with the building since the first week of marketing and had brought us an early offer back in January, returned with a different client. The buyer, represented by Eliza Kerndian and Mona Yadegar, was a 1031 exchange investor who had just sold a property and needed to close fast. The offer was $3,650,000, all cash, with no loan contingency, no appraisal contingency, and only a two-day inspection. It was a clean contract with essentially no buyer outs. The buyer's exchange clock required closing by Monday, May 25.
We opened escrow the same day the offer came in and set closing for May 22, one business day ahead of that deadline. A seven-day escrow leaves no slack, so we ran everything in parallel. We had escrow order the payoff demand on the seller's existing loan on day one, so the lender timeline would not become the bottleneck. The buyer's inspection ran that Monday with access across all 12 units. We coordinated the seller's grant deed and exchange documents, the buyer's exchange paperwork, and unit-by-unit prorations at the same time rather than in sequence. The buyer wired the full purchase price, and escrow released the file to record.
1010 South Bedford recorded on May 22, 2026, seven days after escrow opened and three days inside the buyer's exchange deadline. The final price was $3,650,000. Four months of marketing showed us where the market valued this building, and a disciplined process got the seller there with a clean, all-cash close.
Both sides of this transaction were 1031 exchanges. The seller is reinvesting his proceeds through an exchange, and the buyer acquired Bedford to complete an exchange of their own. Coordinating a sale so that two exchange timelines both hold is its own discipline, and it is work we do regularly.
If you own a multifamily building in Los Angeles and are weighing a sale or a 1031 exchange, we would welcome the chance to talk it through.
