11-Unit Multifamily Tenant Buyout Sale in Orange Grove

Tom Jonsson of CBC Advisors Brokers Sale

Los Angeles, CA (June 9, 2017) — The El Segundo Office of Coldwell Banker Commercial Advisors (CBC Advisors) announced Tom Jonsson, managing principal, and Will James, director, arranged the sale of an 11-unit multifamily complex at 1426 South Orange Grove Avenue in Los Angeles. The Orange Grove Apartments sold for a tenant buyout of $2,350,000. The $213,636 per unit price sale closed at over $256 per rentable square foot, a 14.26 gross rent multiplier and a 3.94% cap rate.

“We resolved all prior complications through a Los Angeles cash for keys program to LAMC 151.31, wherein the tenant’s lease was bought out for a confidential amount, and multiple offers were made on the asset,” said Jonsson. “Financing was also arranged with our capital partner, Silverthread Capital at 60% LTV and 3.85% fixed rate for five years.”

Tom Jonsson and Will James specialize in multifamily investment sales throughout Southern California with an emphasis in the Los Angeles County cities.