MEI Real Estate Services is excited to announce the closing of escrow for a 9-unit multifamily apartment complex in the City of Los Angeles, just north of West Adams. MEI Received 6 offers mid-pandemic with multiple offers over asking and the property, at only a 1.93% CAP rate on existing income, went to the highest bidder. MEI represented both the Seller and the Buyer in this transaction which had a quick close. The building was 84% leased at the time of the sale and the property was donated to Cal State University Dominguez Hills Philanthropic Foundation. The buyer was a seasoned real estate investor that owned several buildings in the area and plans to update the building and lease at market rents in the future. The University proceeds will provide a philanthropic legacy to the benefit of hundreds of students in the nursing school which is excellent news amidst the current pandemic.