Kidder Mathews has successfully brokered the sale of a multifamily property at 3280 Provon Lane in the Castle Heights neighborhood of Los Angeles for $2.35 million.
The buyer, a local private investor, plans to take advantage of this opportunity. Arian Rejaei, Darin Beebower, and Mark Ventre represented both the buyer and seller.
Located on a quiet cul-de-sac surrounded by multi-million-dollar homes, the Provon Lane property offers easy access to amenities in Culver City and Century City, making it a prime location for investors. The building sold with a 6.94% EOY1 cap rate, highlighting its investment potential.
Kidder Mathews was able to close the transaction quickly despite a challenging debt market, securing an all-cash, non-contingent buyer.
“Stabilizing this asset will require considerable time and financial investment,” said Rejaei. “While our client had initially considered this undertaking, it was not a path they were eager to take.”
“We determined a redeployment of equity was in their best interest,” Beebower added. “So, while our team focused on finding the right buyer for the property, we also identified an ideal, stabilized asset out-of-state to complete their exchange.”
Kidder Mathews is the largest fully independent commercial real estate firm in the Western U.S., with over 900 professionals in 19 offices across Washington, Oregon, California, Idaho, Nevada, and Arizona. We offer a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. Kidder Mathews averages over $10 billion in transaction volume, manages more than 55 million square feet of space, and conducts 2,600 appraisal, consulting, and cost segregation assignments annually
