LOS ANGELES, CA, May 29, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $3.06 million sale of a 28-unit apartment property located at 21700 Roscoe Blvd. in Canoga Park, Calif. (top left map)
Albert Shilton (middle right photo) and Blake Rogers (middle left photo) of Charles Dunn Company represented the seller, Los Angeles-based Roscoe Villa, L.P.
The buyer was Minas Properties, LLC from Los Angeles and was represented by Empire Estates Group. The property sold at a cap rate of 6.2 percent.“The property was encumbered by a loan with an interest rate that was substantially higher than current rates and had to be assumed due to the prohibitive prepayment penalty. What’s interesting is that the property still sold for the lowest cap rate since 2008 – an indication that even without the help of low interest rates, apartments are very desirable,” said Rogers.
The property was constructed in 1962 on .69 acres of land and was 100 percent occupied at the close of escrow. The property includes a courtyard setting with a pool and sundeck and was composed of 16, one-bedroom/one-bathroom units, three, two-bedroom/two bathroom units and nine, two-bedroom/1.5 bathroom units.
Contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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