Matt Gray Purchases 819 Beacon Avenue Multifamily Property From Samuel Dina For $1.925M

The property involved in the transaction is a multifamily asset located at 819 Beacon Avenue in Los Angeles. The sale price was $1,925,000 for a total of 10,340 square feet, equating to $186 per square foot. This asset comprises solely studio and one-bedroom units and was built in 1906. It features no parking and has master-metered utilities, presenting challenges in underwriting and attracting buyers amidst rising expenses and tightening regulations.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $1,925,000
• Address: 819 Beacon Avenue
• Market: Los Angeles
• Square Footage: 10,340
• Price Per Square Foot: $186
• Buyer: Matt Gray
• Seller: Samuel Dina
• Seller's Representative: Morgan Wetmore, Glen Scher & Filip Niculete - Marcus & Millichap

The LAAA Team, represented by Morgan Wetmore, Glen Scher, and Filip Niculete from Marcus & Millichap, successfully closed this sale after more than a decade of unsuccessful attempts to sell the property with multiple brokers. The marketing process generated six offers, showcasing the team's effectiveness in navigating today's shifting market conditions.