IRVINE, December 4, 2019 – Cushman & Wakefield announced today the sale of Knott Townhouses, a four-building, 28-unit multifamily property in the city of Buena Park, CA.
Knotty By Nature, LLC acquired the asset for $8,062,710 ($287,954 per unit) at a Gross Rent Multiplier (GRM) of 17.38% and a cap rate of 3.47% on current income.
The Bridge Multifamily Team, led by Mark Bridge from Cushman & Wakefield’s Irvine office, represented the buyer in the transaction. Medik Georgian with Real Pro Realty represented seller Benfert Enterprises, LLC.
Located at 7051 9th Street, Knott Townhouses is a two-story, garden-style complex situated on a spacious 1.42-acre lot. It consists of 20 two-bedroom and eight three-bedroom townhome-style units surrounding a private interior courtyard. The property was built in 1972 but has undergone numerous recent upgrades to its plumbing, heating, and security systems. Amenities include covered parking, remote gated entry, and on-site laundry facilities.
“This was an excellent value-add purchase for our client,” said Mr. Bridge, Managing Director. “With market rents being much higher than current rents, the asset is a great investment property in one of Southern California’s premier residential and commercial markets.”
The Bridge Team is part of the Multifamily Advisory Group at Cushman & Wakefield, which provides investment advice, transaction execution, market information and investment services to owners and investors engaged in buying, selling, investing in, financing and developing multifamily real estate.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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