The Mogharebi Group (TMG), a multifamily brokerage firm, today announced arranging the sale of Maywood, a 13-unit community in Los Angeles, California, for $5.9 million, according to a press release.
The seller, a private investment group in San Francisco, was represented by Otto Ozen and Nazli Santana of TMG. The building comprises one- to three-bedroom units, with the company stating the property received significant investor interest due to its location, occupancy and Class-A renovations.
Nazli Santana, a TMG senior investment advisor, cited Redfin research which estimated Eagle Rock home prices increased by 43.7%, as compared to 2021. This means a rising demand for rental properties like Maywood.
“The property received significant investor interest because of those market dynamics, as well as its great location, high occupancy, and Class-A renovations. Through our proprietary 1031 exchange platform that includes a robust network of private, high net-worth and exchange buyers, we found the perfect buyer to capitalize upon the continued growth of Eagle Rock.” she said in the release.
According to the statement, the Eagle Rock area has a median home price of $1.1 million in LA, at par with Pasadena prices. The average down payment needed here is more than $220,000, signifying a 55% affordability gap.
It is located near locations including Glendale, Highland Park, Silver Lake, Echo Park, Atwater Village, and restaurants, entertainment and recreational hubs in Downtown LA, the release says.
In other recent proptech news, Qira, a credit and payment software provider for property owners and renters, announced its partnership with the Rent Stabilization Association (RSA), a trade association in New York catering to the residential housing market. Zego, a property management proptech company, also released a report that found that there is a rise in expectations for digital communications, the importance of resident reviews and rent growth influencing renter expectations.