9919 Sepulveda Blvd, Mission Hills

The LAAA Team of Marcus & Millichap is pleased to announce the successful sale of these 18 individual condos located at 9919 Sepulveda Boulevard in Mission Hills, California. Situated on a major thoroughfare, the property is on the North West corner of Sepulveda Boulevard and Lassen Street just East of the 405 Freeway. Built in 1992, the offering sits on a huge 19,677 square foot lot consisting of 18 large two bedroom / three bathroom condos with an average square feet of 1,257 each.

DEAL STORY

This transaction was complicated for a various amount of reasons, and it took all our experience and knowledge to get it done.

First, this sale was different then normal because the buyer was not buying the entire building. Instead, this was a sale of 18 condos in a 20-condo property. Therefore, the buyer needed to be willing to buy a property where there would be two other owners that owned part of building along with him.

Furthermore, this broken down condo deal also made conventional financing very difficult since banks do not like to lend on properties where the borrower does not own the entire building. In order to circumvent conventional financing, we were able to negotiate a 3-year seller carry finance structure with interest only payments.

Lastly, because this was a court ordered sale, we needed to get court approval of the sale which was subject to a court overbid. This process took over a month, which would not usually be a problem, but the buyer was in a 1031 exchange and was getting close to the end of his timeline. Because of this, we needed to manage the escrow and court process to the tightest time frame possible.

In the end, we were able to navigate this to a successful close, and the buyer was able to satisfy his 1031 exchange. Now, the buyer has a great chance to add a lot of value to this property, and if he is able to buy the remaining two condos so that he owns 100% of the building, he will have purchased an excellent deal.

CONTACT US TODAY

For more information on this sale, to learn more about our team, or to receive a complimentary pricing evaluation and 1031 exchange evaluation on your multifamily property, please give us a call or email today!

Glen.Scher@marcusmillichap.com

(818) 212-2808

www.LAAA.com

Closing