Saturday, June 29, 2013

Charles Dunn Completes Three Multifamily Sales in Koreatown Area of Los Angeles Totaling More Than $9.3 Million

932 Irolo Street, Koreatown submarket, Los Angeles, CA

Janet Neman
LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed three multifamily property sales totaling $9,315,000 in the Koreatown submarket of Los Angeles.

Janet Neman, senior managing director, and Bryan Glenn, senior director, of Charles Dunn Company represented the seller, Executive Commercial Properties, as well as the individual buyers on all three transactions.

The properties are each about two blocks away from each other and are within walking distance to Wilshire Blvd., the Wilshire/Normandie metro, and the former Ambassador Hotel site, which is currently the Robert F. Kennedy Community Schools complex.

Bryan G. Glenn
“These three properties are centrally located in the Mid-Wilshire/Koreatown submarket, an area that has undergone tremendous revitalization and is one of the most densely populated, high-demand rental areas in Los Angeles,” said Glenn. “The properties were offered at attractive cap rates and with favorable financing that will enable the new owners to enjoy strong cash flow and great returns year-over-year.”

The average cap rate for the three properties was 6.8 percent.  According to a recent research report by Charles Dunn Company, apartment vacancy rates across Los Angeles County ended the first quarter of 2013 at 3.7 percent, marking the seventh consecutive quarter of vacancy under 4 percent.  Average monthly rental rates have also seen an increase of 2.7 percent from the previous quarter.

“We conducted an aggressive marketing campaign to expose the property to the greater investor marketplace,” said Neman. “We also utilized our in-depth market knowledge and network of local investors to target qualified buyers looking to acquire multifamily properties in this unique, high demand area.” 
Following is information on each of the sold properties:

·         765 Irolo is a 24-unit, four-story 1920s art deco building that sold for $2.16 million. It features 22 large one-bedroom units and two single units. The buyer was a private investment group from Los Angeles.

·         932 Irolo is also a four-story 1920s art deco building but is unique because it is exempt from rent control. It sold for $2.4 million and has 32 units including eight, one-bedroom units and 24 single units. The buyer was PAS Properties, LLC from Los Angeles.

·         800 S. Normandie is a two-story, mixed-use property on a large corner lot with a retail store along 8th Street that sold for $4.75 million.  The property includes 44 single units and 3,600 square feet of retail space leased to a single tenant and operating as a small, neighborhood market. The buyer was a private investor from Seattle, WA.

The Windsor Apartments,
Koreatown, Los Angeles
Neman and Glenn offer a solid track record for multifamily sales in the Mid-Wilshire and Downtown Los Angeles market with combined sales in excess of $70 million in transactions over the past 12 months alone. Early this year, Neman completed the $10.75 million sale of The Windsor Apartments, a six-story historic landmark property in Koreatown.

 For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
D.G. Communications, Inc.

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