Sam Bornstein Purchases Multifamily Property From John Purcell In Los Angeles For $2.275M

The asset involved in this transaction is a multifamily property located at 3421 & 3427 South Norton Avenue in Los Angeles. The sale price for the property was $2,275,000. The multifamily asset comprises 16 units, with a price per unit of $142,187. The total square footage of the property is 13,156, resulting in a price per square foot of $172.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $2,275,000
• Units: 16
• Price Per Unit: $142,187
• Square Footage: 13,156
• Price Per Square Foot: $172
• Buyer: Sam Bornstein
• Seller: John Purcell
• Buyer's Representative: Chase Simonton & Robert Carlile - Re/Max

The transaction was characterized by a challenging asset that had heavy deferred maintenance and low in-place rents. The deal involved a smooth escrow process with limited access, where the buyer conducted a single walk-through of the units. The closing was completed cleanly with zero delays or last-minute issues.