We're excited to share the story of the successful sale of 1533 W 224th St., a multifamily apartment building in Torrance, CA. This sale shows our ability to handle the complexities of selling commercial real estate, especially for out-of-state owners facing unique challenges.
Why the Client Wanted to Sell
The property was originally owned by our client’s mother, and after her passing, it became an inherited asset. Managing the apartment building remotely proved difficult, as our client lived out of state and had to rely on updates from others to handle tenant issues, rent management, and changing local regulations. On top of this, past experiences with brokers who undervalued the property made the client unsure about finding a trustworthy partner for the sale.
Challenges We Faced
Selling a multifamily property like this came with its own set of hurdles:
- Cautious Buyers: Many buyers were hesitant about taking on smaller properties that needed active management.
- Regulatory Issues: The property was in unincorporated Los Angeles County, which has stricter rules than the city of Torrance. This made it more complex for potential buyers.
- Initial Buyer Drop-Offs: While we had early interest, some buyers withdrew after learning more about the management needs and regulations.
The Actions We Took
After determining a competitive price point for the property, we crafted a narrative to highlight the property's unique strengths. From this, we defined the ideal buyer profile, and identified top market targets, laying the groundwork for a successful launch.
Then, we used a multi-channel marketing strategy to attract serious buyers:
- Listing Sites: This campaign generated over 37,000 impressions, 645 page views, and 129 unique visitors, backed by five email campaigns and 11 property updates.
- Email Outreach: We ran email campaigns to over 2,000 targeted buyers, achieving a 25% reply rate, well above the 10% industry average.
- Direct Calls: Our team contacted over 400 local property owners and engaged our 9,000-contact buyer network to create more interest.
- Social Media and Industry Networks: We promoted the listing through social media, industry contacts, and our CRM to ensure it reached both active and passive investors.
The Result
Despite initial setbacks with buyers dropping out, our team adapted our approach, highlighted the property’s rental potential, and addressed regulations clearly. This strategy re-engaged qualified buyers and led to a successful closing that met our client's goals.
About Taylor Avakian
Taylor Avakian is a top broker specializing in the sale of multifamily apartment buildings in Los Angeles. With extensive experience in commercial real estate, Taylor and The Group CRE provide clients with strategic, personalized service that gets results.
Thinking of Selling Your Apartment Building?
If you’re considering selling your multifamily property or need help navigating the commercial real estate market, reach out to Taylor Avakian and The Group CRE. Contact us today to discuss how we can help you achieve a successful sale.