During the height of the Covid-19 Stay at Home order, Kelly Morgan Commercial Group at KW Commercial successfully transacted the sale of Valerio Village Apartments, a 96-unit multi-family property in Van Nuys, California. The property sold for over $19MM, or $200,337/unit, to a San Diego based private investor.
The closing was facilitated, off-market, with Kelly Morgan Commercial Group acting in a dual-agent capacity. After going non-contingent with three quarters of a million dollars released to the Seller, the initial Buyer attempted to cancel due to the lockdown. Morgan assigned the purchase agreement to a replacement buyer who recognized that the intrinsic value of Los Angeles multifamily has not changed.
“Although there is uncertainty in the marketplace we’re not seeing substantially lower prices for multifamily and there’s no guarantee that we ever will,” Morgan said. “One thing I can guarantee is Los Angeles hasn’t solved its housing crisis.” KMCG also completed another sale of 22 units in North Hills, CA, on May 1st 2020. Morgan continued, “LA’s multifamily remains well positioned in the long run due to the region’s robust and diverse employment base and lack of housing.”
About Kelly Morgan Commercial Group. With over 20 years experience in capital markets; Equity, Debt, Real Estate, Finance and Marketing, Kelly Morgan Commercial Group brings unparalleled expertise to investors, buyers and sellers in today’s marketplace. Our dedicated, deep understanding of the Southern California real estate market, along with our proprietary database matching buyers, sellers, investors and resources, provide measurable results for clients on both sides of multifamily investments.
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