10611 Landale St, Toluca Lake

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.

After this second cancellation, we adjusted the pricing strategy and went back to market. The reduced price sparked another wave of interest, resulting in 4 new offers from highly qualified investors. The winning buyer wasn’t the one offering the highest price, but his exceptional terms set him apart. His offer was all-cash with a short 7-day due diligence period and a 14-day close. To maximize the deal for the seller, we countered him on price alone, securing his agreement at $1.4M. True to his word, the buyer removed contingencies within 7 days and closed escrow on time.

This sale marked the final closing of the three properties we listed for this seller, and we were able to get all three sold in record time. From the day we signed the listing agreements to the close of the third and final deal, just 76 days had passed.