The following case study describes our process selling our recently closed property at 238 S. Serrano Avenue, Los Angeles, CA 90004.

Deal Story

We cultivated the relationship with the sellers back in 2020 when we discussed the sale of a 39-unit building we had sold in Koreatown. The ownership group was not interested in selling and/or buying at the time but we continued to follow up at least once a quarter. Fast forward a couple years later (2022) and the sellers listed their two apartment buildings with a different brokerage. While the other brokerage was able to sell one building, the other property (238 South Serrano Avenue) had fallen out of escrow. After the listing period expired, the sellers reached out to us in November 2022 about potentially selling the apartment building. With Measure ULA creeping up in the horizon (April 2023), the sellers wanted to sell the building prior to the tax taking into effect.

We met with the family and signed the listing agreement in late November and opened escrow within a short period thereafter. We were able to deliver ten (10) units vacant which is highly sought-after in this market. Not only were the units delivered vacant, but the units were also remodeled and rent ready. In addition, the sellers had already completed the tuck-under seismic retrofit work that was necessary for compliance with the City of Los Angeles. There were multiple, competitive offers on the table and the sellers ended up choosing a buyer that would provide a surety of close and owns multiple apartment buildings in the vicinity of 238 S Serrano Avenue.

In the end, the buyer closed escrow in late January 2023 – putting us as a total of two months from the signing the exclusive listing agreement to the closing of escrow. 238 South Serrano is one of only three apartment buildings with a unit count of over 50 units to sell within Koreatown (90004) within the last year. There are not too many occasions in which a building of this size and magnitude will be for sale in quite some time. Our team has sold over 100 apartment units in Koreatown within the last four months. We have an extensive track record not only in Koreatown, but also all throughout Los Angeles County.

Please give us a call to learn more about this sale and understand how we can be a resource for you and your real estate goals.

Find out how we can help you sell you commercial real estate property. Call KingSide today.