LWK Partners Acquires Multifamily Asset At 130-136 South Michigan Avenue For $4,488,888

The property asset involved in the transaction is a multifamily building located at 130-136 South Michigan Avenue in Pasadena. The sale price for the property was $4,488,888, which consists of 18 units, resulting in a price per unit of $249,382. The total square footage of the property is 10,672, leading to a price per square foot of $420.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $4,488,888
• Buyer: LWK Partners
• Seller: Jason & Lydia Fang
• Buyer's Representative: Michael Sterman - Marcus & Millichap
• Seller's Representatives: Cole Hontas, Jeff Louks & Brett Sanson - Marcus & Millichap
• Units: 18
• Price Per Unit: $249,382
• Total Square Footage: 10,672
• Price Per Square Foot: $420
• Cap Rate: 5.22%
• GRM: 11.42

The buyer, LWK Partners, was attracted to this deal primarily due to the property's location and the potential for converting the back garages into accessory dwelling units (ADUs).