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| 3311 Bagley Ave., Los Angeles, CA |
LOS ANGELES, CA – Charles Dunn Company, one of the largest
full-service regional real estate firms in the western United States, has
completed the $1.82 million sale of a 10-unit multifamily property located at 3311
Bagley Ave. near the major cross streets of National Blvd. and Robertson
Blvd. in Los Angeles.
Michel Hibbert, CCIM, and Dan Johnson with
Charles Dunn Company in the West Los Angeles office, represented the seller,
Los Angeles-based Chiueh Family Trust.
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| Michel Hibbert |
The buyer, was Los Angeles-based Marble
Family Trust who was represented by Maurice Morales of Coldwell Banker.
The closing cap rate was 4.5 percent.
The property includes six, one-bedroom/one-bathroom units,
two, two-bedroom/two-bathroom units, one studio and one,
three-bedroom/three-bathroom unit. The property was fully occupied at the close
of escrow.
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| Dan Johnson |
“The asset was marketed to the local apartment ownership
base and we focused on the value-add opportunity for a new buyer to bring the
rents up to market rates and renovate the property. After aggressively marketing the property, we were able to garner
a final sale price of 99.7 percent of the asking price.”
Michel Hibbert has completed more than $500 million in
transactions over his career and has been one of Charles Dunn Company’s top
multifamily brokers year-over-year for the firm.
For a complete
copy of the company’s news release, please contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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