1140 E Avenue Q12, Palmdale

The LAAA Team of Marcus & Millichap are proud to announce the successful sale of these 14 units located at 1140 E Avenue Q12 in Palmdale, California. The property sits on 23,922 SF lot with 12,960 SF of rentable area and is comprised of an excellent mix of 12 spacious two bedroom / two bathroom units and 2- two bedroom / one and a half bathroom two story townhomes.

We originally listed this property in September of 2019 and generated multiple offers. After three non-successful escrows we instructed the owners to pull the property off the market to replace the roof, air conditioning units and do some cosmetic work. After all the work was completed we came back to market for a second time. This time we were able to get two 1031 exchange buyers to compete for the deal and we went under contract just above list price. After 14 days of due diligence the Buyer went non-contingent without changing the price. Then, after the buyer removed all of his contingencies (including loan contingency), the buyer's loan unexpectedly fell through from an outside loan broker. In order to save the deal, we connected the buyer with the Marcus & Millichap Capital Corporation (MMCC), and we got them to the finish line. We were able to secure a 5 year fixed rate loan at 3.6% with 70% loan to value. The Sellers were extremely happy as this sale was at a near record breaking $142,857 per unit, which is the second highest price per unit ever recorded for apartments from 5-16 units in Palmdale, according to CoStar.

For more information about this sale, or to receive a complimentary evaluation for your multifamily property or land for multifamily development, please give us a call today!

Closing