400 S Mentor Ave, Pasadena

& 1031 Exchange Case Study

The LAAA Team of Marcus & Millichap is proud to announce the successful closing of this 21-unit multifamily property at 400 S Mentor Ave.

Deal Story

This deal unfolded seamlessly. We listed the property in late March 2023 and received an immediate full list price offer with favorable terms from an exceptionally qualified buyer. The sellers wasted no time in accepting the offer, and within a week of listing the property, we opened escrow. The buyer diligently adhered to the contract, meeting all obligations and removing contingencies on schedule without requesting any credit or price reductions. As a result, we successfully closed escrow on May 31st, just over 2 months after hitting the market.

What makes this deal truly remarkable is not just the transaction itself but the journey we took to earn the trust of our clients. It all began back in late 2018 when one of our top agents, Michael McNulty Jr., made an initial cold call to the property owner. Over the next four-plus years, we engaged in a series of interactions, including four proposals (pricing analyses), three comprehensive exchange analyses, and numerous hours of conference calls with the entire family. Only after gaining their unwavering trust were we able to move forward with our plan to facilitate the exchange of their underperforming apartments. From Michael's first contact with the owners, it took us a total of 4 years, 5 months, and 16 days to close escrow on this property.

This deal serves as a testament to our approach in conducting business. Our entire team is trained to be long-term thinkers, prioritizing the client's interests above all else. By setting aside any "get rich quick" plans and focusing on our clients' needs, we can truly act as trusted advisors rather than mere salespeople. We take pride in advising clients to hold onto their assets when selling might not be the best course of action after thoroughly evaluating their personal situation. We always assure our clients that whether they choose to sell today, next month, next year, or in a decade, we will be there, ready to assist them. In the meantime, we remain dedicated advisors, readily available for calls, emails, or meetings to address any current issues they may be facing with their property.

Seller's 1031 Exchange Case Study

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