Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a seven-property, 275-unit Harper Multifamily Portfolio in Los Angeles, California.
“Assembled and managed by a private ownership group over the past 25 years, the portfolio was experiencing challenges, including tenant delinquencies, aging building systems, deferred maintenance, and litigation,” said Neema Ahadian, senior managing director investments and leader of The Neema Group of Marcus & Millichap in Los Angeles. “We anticipated buyer concerns, prepared comprehensive due diligence materials, and positioned the properties individually and collectively to maximize investor interest and demonstrate a clear path forward.” Ahadian and Jeffrey Estrada, associate director of The Neema Group of Marcus & Millichap represented the seller and procured the buyer.
“Closing the sale required a direct approach to due diligence and constant communication with all stakeholders,” said Estrada. “By addressing issues early and keeping the process moving, we were able to achieve a clean, timely closing in a market where many transactions are stalling.”
The portfolio is composed of a mix of 1920s-era brick apartment buildings and an infill land site, concentrated in the Koreatown and Westlake neighborhoods of Los Angeles. “The Neema Group of Marcus & Millichap has positioned itself as the leading team for representing portfolio sales throughout the Los Angeles area,” said Tony Solomon, senior vice president and district manager. “The team has a unique approach in viewing properties as a whole and individually, which has proven to be successful for their clients, as this is their 11th portfolio sale.”
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
