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| Sycamore Apartments, 1134 North. Sycamore Ave. Hollywood, CA |
LOS ANGELES, CA, July 15, 2013 – Charles Dunn Company, one
of the largest full-service regional real estate firms in the western United
States, has completed the $14 million sale of Sycamore Apartments, a
75-unit multifamily property located near the cross street of Santa Monica at
1134 N. Sycamore Ave. in Hollywoo
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| Hamid Soroudi |
Hamid Soroudi, senior managing director, of Charles
Dunn Company represented the buyer, Sycamore Fields, LLC from Los Angeles. The
seller was 1134 N. Sycamore Partners,
L.P. The property sold at a cap rate of
4.2 percent.
Sycamore Apartments was 97 percent occupied at the close of
escrow and includes 63 one-bedroom/one-bathroom units and 12 single units with
monthly rents ranging from $907 to $1,255.
“This asset is located in a high demand area for rental
property,” said Soroudi. “The buyer plans to add value to the property by repositioning and renovating
the property and increasing rental rates.”
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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