CBC Advisors Brokers the Highest Sales Price for a Six-Unit Apartment
El Segundo, CA (October 4, 2017) — Coldwell Banker Commercial Advisors (CBC Advisors) today announced that Jonathan Nikfarjam, managing principal, and Luca Jacoli, senior associate of multifamily investment sales, closed a record-breaking sale for a six-unit apartment building at a sale price of $3,750,000 at 526 Illinois Street in El Segundo.
“At $625,000 per unit, this will be the highest price per unit commercial apartment sale in El Segundo history,” said Nikfarjam. “This is another great example of how, in a market with limited inventory, buyers are willing to overlook certain pricing metrics in order to satisfy their exchange requirements. This particular investor was cap-rate focused and interested in newer vintage product, making this the right property for them.”
The Illinois Street Apartments sale breaks the record for highest price per unit apartment sale in El Segundo history, sold at over $490 per square foot. The property generated multiple offers and sold all-cash, with no loan contingency, in a 1031 exchange.
“El Segundo has been a particularly hot market since many large companies have been relocating here,” said Jacoli. “El Segundo has the second largest concentration of fortune 500 companies, and its proximity to LAX, the 405, the 105 and beach cities makes it a highly desirable market. This was a great opportunity for a 1031-buyer to park their cash in a location that is poised for growth but is also a newer, vintage, non-rent controlled property fully upgraded with condo-quality units.”
Nikfarjam and Jacoli represented the private seller in the transaction and OBR represented the buyer.
Nikfarjam and Jacoli specialize in multifamily investment sales throughout Southern California with an emphasis in Los Angeles County. Recently, the El Segundo multifamily team was ranked among the most active South Bay multifamily agent teams and was recognized in 2017 by the Los Angeles Business Journal as Los Angeles’ “Top Multifamily Brokerage Team.”