Avi Arshadnia Purchases Multifamily Property From John & Jordan Russo For $4,425,000

The asset involved in this transaction is a multifamily property located at 1239 & 1243 South La Cienega Boulevard in Los Angeles. The sale price of the property was $4,425,000, encompassing a total of 20 units. The total square footage of the property is 13,684, resulting in a price per unit of $221,250 and a price per square foot of $323.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $4,425,000
• Address: 1239 & 1243 South La Cienega Boulevard
• Market: Los Angeles
• Units: 20
• Price Per Unit: $221,250
• Square Feet: 13,684
• Price Per Square Foot: $323
• Buyer: Avi Arshadnia
• Seller: John & Jordan Russo
• Brokers: Jake Glaser & Spencer Chan - Lyon Stahl Investment Real Estate

Jake Glaser and Spencer Chan from Lyon Stahl’s Glaser Group successfully facilitated this transaction. The property had previously been listed by another broker for over a year but was re-listed by Glaser and Chan, generating 8 competitive offers and securing an all-cash buyer within 10 days of marketing. The buyers are local investors expanding their multifamily portfolio in the Pico Robertson area, while the sellers, who inherited the property, plan to exchange the funds into a passive Delaware Statutory Trust.