LOS ANGELES, CA. May 8, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $2,275,000 sale of an eight-unit apartment property located north of Wilshire Boulevard and south of Montana Avenue at 1008 20TH Street in the City of Santa Monica. Albert Shilton (top right photo) and Blake Rogers (middle left photo) of Charles Dunn Company represented the seller, a San Diego-based private investor. The buyer, Los Angeles-based Brea Exchange, Inc. was represented by Teles Properties. The property sold at a cap rate of 4.6 percent.
Built in 1947, the property totals 9,918 square feet and was 88 percent occupied at the close of escrow. The building includes private garages, a courtyard setting and onsite laundry facilities. The property includes four one-bedroom/one-bathroom units, two, two-bedroom/one-bathroom units, and two, three-bedroom/two-bathroom units.
“The buyer recognized the upside potential of the investment based on the fact that current rents were approximately 20 percent below market,” said Shilton.
Charles Dunn Company generated multiple offers. The final sale price was the second highest price per square foot paid in Santa Monica for a rent controlled asset in 2012, indicating continued strength of the multifamily sector, and the formidable appetite for well located multifamily properties.
Contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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