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| 4305 Gateway Avenue, Silver Lake submarket 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 $3.37 million sale of a fully occupied 27-unit multifamily
property located at 4305 Gateway Ave. in the Silver Lake submarket of
Los Angeles, Calif.
Bryan Glenn, senior director with Charles Dunn
Company, represented the buyer, 4305 Gateway, LLC from Los Angeles.
The seller, a private investor from Los Angeles, was
represented by John Christopher & Esau Tenorio of Coldwell Banker
Los Feliz. The closing cap rate was 5.1 percent.
Built in 1971, the property includes 24 one-bedroom units
and three studio units. It offers a courtyard, ample parking, and an on-site
management office.
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| Bryan Glenn |
“The Silver Lake area is a very hot market for housing as it
offers easy access to Hollywood, Echo Park and Downtown Los Angeles,” said
Glenn. “The buyer saw value in that as well as the quality of the property and
upside in rental rates.”
Glenn added that the buyer plans to implement a capital
improvement program to upgrade the building systems, common areas and
individual units.
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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