22 Park Ave, Los Angeles

The LAAA Team of Marcus & Millichap is proud to announce this all time record sale in Venice, CA, which is located just one block away from the sand.

All Time Record Sale

According to CoStar's records of all-time sale statistics for multifamily properties in Venice, CA, which account for all sales in the past 40+ years, this sale is the #2 highest number ever achieved for both Price/Unit and Price/SqFt. If you take away non-rent controlled buildings, this would be the #1 highest Price/Unit ever achieved in Venice for a rent-controlled property. Furthermore, we do not think it would be farfetched to call this the best sale ever achieved in the city of Venice since this is the only multifamily sale of any kind or year built to achieve more than $1,000/SqFt AND more than $800,000/Unit.

Deal Story

This deal was put together off market. We usually would not advise our clients to sell their property off market, since the only way to guarantee top of the market pricing is through a full marketing campaign, but this is a rare situation where we had the perfect buyer for this seller's property, and it made sense for him to sell without listing it.

The buyer for this deal is the same buyer that we have already closed two deals with in the recent past, who is actively searching for turn-key, renovated multifamily properties in "A" locations throughout Los Angeles. The buyer is looking to place money into historically very safe and appreciating markets, and is not worried too much about cash flow, and he likes fully renovated properties because he is a busy man who does not want any management responsibilities or a value-add project.

The LAAA Team approached the seller of this property in mid-August, who owns many properties in good locations and always renovates his properties to the highest levels, and we asked him if he'd like to entertain an offer on any buildings in his portfolio. He sent over the financial information on a few properties that he was willing to sell. The buyer ended up liking two of his properties enough to write offers on them, and he closed on both of buildings today (the other property he bought from this seller is in Santa Monica... we will send that email announcement soon).

The buyer gave the seller a great offer on this property at $5.0M, and the seller accepted without a counter offer. The escrow went perfectly as contracted: the buyer removed all contingencies within 10 days and without any price reduction or credit request, and...