5 Units | Toluca Lake
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The successful sale of 10611 Landale St, a 5-unit multifamily property located in prime Toluca Lake, CA.
Deal Story
We listed this property in mid-September along with two others for the same seller. In the first days after signing the listing agreement, we actively marketed all three properties to apartment investors as well as to developers. Since our team sells a lot of land in addition to standard apartment deals, we've created a database that includes all known investors, developers, and brokers who work the Los Angeles market.
We quickly received interest on 10611 Landale from a developer who wrote an all cash offer at full list price, which the sellers accepted. However, before we were able to open escrow, the developer's architect told him that the topography was too sloped and it would not work for them, and they cancelled the contract just a couple of days after it was signed.
After sending out our first "just listed" email blast and officially listing the property online, the rare Toluca Lake offering quickly generated a lot of interest. We opened escrow with an exchange buyer coming out of a New York sale. Unfortunately, that buyer wasn’t experienced with apartment investing and ended up cancelling the deal before even doing an inspection.
The successful sale of 10611 Landale St, a 5-unit multifamily property located in prime Toluca Lake, CA.
Deal Story
We listed this property in mid-September along with two others for the same seller. In the first days after signing the listing agreement, we actively marketed all three properties to apartment investors as well as to developers. Since our team sells a lot of land in addition to standard apartment deals, we've created a database that includes all known investors, developers, and brokers who work the Los Angeles market.
We quickly received interest on 10611 Landale from a developer who wrote an all cash offer at full list price, which the sellers accepted. However, before we were able to open escrow, the developer's architect told him that the topography was too sloped and it would not work for them, and they cancelled the contract just a couple of days after it was signed.
