Sara Franklin Acquires Toluca Lake Multifamily Property for $10M
Sara Franklin purchases a 41-unit multifamily property in Toluca Lake for $10,025,000 from Gim Tie Kheng.
Sara Franklin, a real estate investor, has acquired a 41-unit multifamily property in Toluca Lake for 10,025,000 from Gim Tie Kheng. The property, located at 10841 Whipple St., spans 24,510 square feet and has a gross rent multiplier of 16.29x and a cap rate of 3.38%. The purchase price equates to a per unit price of 244,512 and a price per square foot of $409.
The property is located in a desirable area of Toluca Lake, which is known for its high-end homes and proximity to major studios. The property is also located near several restaurants, shops, and entertainment options, making it an attractive location for renters.
The deal was brokered by Rick Raymundo of Marcus & Millichap. Raymundo is a multifamily specialist and has completed numerous transactions in the Toluca Lake area. He has a strong understanding of the local market and was able to secure a favorable deal for both the buyer and seller.
Gim Tie Kheng, the seller, is a real estate investor who has owned the property for several years. The sale of the property represents a successful exit for Kheng, who was able to realize a significant return on his investment.
Sara Franklin, the buyer, is a seasoned real estate investor who has a track record of acquiring and managing multifamily properties. She was attracted to the property due to its location, strong rental demand, and potential for value-add opportunities.
Overall, the sale of the Toluca Lake multifamily property represents a successful transaction for all parties involved. The buyer was able to acquire a desirable property in a strong market, while the seller was able to realize a significant return on his investment. The deal was brokered by a knowledgeable and experienced broker who was able to secure a favorable outcome for both parties.