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| Kimberly Roberts Stepp |
LOS ANGELES, CA, June 17, 2014 – Charles Dunn Company, one
of the largest full-service regional real estate firms in the western United
States, has completed two multifamily property sales totaling $4.7 million in
West Hollywood.
The sales include; a 10-unit property that sold for $3.3
million and is located near Fountain Ave. and W. La Brea Blvd. at 1220 N.
Formosa Ave; and a five-unit property that sold for $1.4 million and is
located just north of Santa Monica Blvd. at 1231-1235 N. Vista St.
For the Formosa sale, Kimberly Roberts Stepp, senior
managing director with Charles Dunn Company, represented the seller, Los
Angeles-based Aquat 9, LLC, as well as the 1031 exchange buyer, a Los
Angeles-based private investor. The transaction closed at a 4.8 percent cap
rate and sold at full asking price.
Built in 1960, the building includes four, one-bedroom
one-bathroom units; two, two-bedroom/one-bathroom units; and four,
two-bedroom/two-bathroom units. It offers controlled access and was completely
renovated in 2013 with high-quality upgrades to all the units.
For the Vista sale, Stepp represented the seller, Los
Angeles-based Jambax, LLC. The buyer was a private investor from Los Angeles
who was represented by Diana F. Tiao of The Collective Realty. The
transaction closed at a record low 2.9 percent cap rate.
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| Diana and Will Tiao |
Built in 1930, the two-building property includes a
three-bedroom/two-bathroom front unit; and four one-bedroom/one-bathroom units.
“We received multiple offers on both properties and selected
all-cash buyers, closing escrow in less than 30 days,” said Stepp.
“The West
Hollywood market for rental properties is one of the best locations for
multifamily property investment in California as there are limited
availabilities, strong demand, and high barriers to entry for these
opportunities.”
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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