KELLY MORGAN COMMERCIAL GROUP COMPLETES $23MM+ SALE OF 121 UNIT PORTFOLIO WITH THREE DIFFERENT SELLERS

Published: Jan. 13, 2022 at 4:01 PM MST

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.

KELLY MORGAN COMMERCIAL GROUP COMPLETES $23MM+ SALE
KELLY MORGAN COMMERCIAL GROUP COMPLETES $23MM+ SALE

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.

For information contact:
Aaron Barnhardt 
Aaron@KellyMorganCommercial.com 
818-579-2978

View original content to download multimedia:

SOURCE Kelly Morgan Commercial Group

The above press release was provided courtesy of PRNewswire. The views, opinions and statements in the press release are not endorsed by Gray Media Group nor do they necessarily state or reflect those of Gray Media Group, Inc.