PANORAMA CITY, Calif., Jan. 13, 2022 /PRNewswire/ -- Kelly Morgan Commercial Group at KW Commercial successfully completed the sale of 121-units spread over four properties with three different Sellers to satisfy a Buyer's 1031 exchange.
8801-8759 Tobias Avenue sold for $10,925,0000, while 8817-8835 Tobias Avenue sold for $12,600,000 totaling $23,525,000.
The latter two properties were sold by two owners each with fractional interests. These owners were at odds on several issues and cooperation was difficult leading to arduous negotiations and a demanding escrow.
Kelly Morgan Commercial Group was able to successfully negotiate the purchase agreement with the two sellers separately, solving all the difficulties and managing the escrow to complete the sale for all parties.
The new owner has already started to upgrade the properties with the intention of pushing rents since Panorama City is rapidly gentrifying. They already feel the purchase is a big success for their business model.
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SOURCE Kelly Morgan Commercial Group