7-Unit Multifamily Sale in Hawthorne

Jonathan Nikfarjam of CBC Advisors Brokers Transaction

Hawthorne, CA (July 6, 2017)Jonathan Nikfarjam, managing principal of multifamily investment sales, at Coldwell Banker Commercial Advisors (CBC Advisors) El Segundo Office arranged the sale of a 7-unit multifamily complex at 12526 Fonthill Avenue in Hawthorne, CA. The Fonthill Apartments sold for a final sale price of $1,636,500 to a 1031 Exchange Buyer.  This was an all cash purchase at over $305 per square feet and $233,786 per unit, equating to an approximate 14.75 GRM and 4.35% cap rate. The property had a short 14-day escrow with two options for the seller to extend escrow closing for the seller’s exchange.

“We were able to generate multiple full price all-cash offers within 72 hours of marketing the property for sale,” said Nikfarjam. “Newer vintage, non-rent controlled properties are attracting buyers from a variety of markets throughout Southern California.  Many of these investors are concerned about inflationary pressures and not being able to move their rents with this booming rental market while noticing their expenses climb each year, disproportionately to revenue.”

Nikfarjam specializes in multi-family investment sales throughout Southern California with an emphasis in the Los Angeles County and South Bay cities. Nikfarjam has been ranked among the most active South Bay multifamily agents and was recently recognized in 2017 by the Los Angeles Business Journal as LA’s Top Multifamily Brokers.