Monday, November 17, 2014

Charles Dunn Co. Completes $8.11 Million Sale of 33-Unit Multifamily Property in Los Angeles, CA

1154 Bellevue Avenue, Echo Park Neighborhood
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 $8.11 million sale of a 95 percent occupied, 33-unit, non-rent controlled multifamily property located at 1154 Bellevue Ave. just west of Sunset Boulevard in the Echo Park neighborhood of Los Angeles.

Michel Hibbert of Charles Dunn Company represented seller, Bellevue Development Ventures, LLC from Los Angeles.

The buyer, Unison Investment Company, LLC from Arcadia was represented by John Chu of New Life Properties. The closing cap rate was a 4.7 percent and the price-per-square-foot was $411.

Michel Hibbert
Built in 2008, the three-story luxury apartment property includes a mix of studio and one-bedroom units that include balconies or patios, granite bathroom counter tops, crown molding, hardwood laminate floors, and walk-in closets. 

Common area amenities include a courtyard, laundry facilities, gated entry and 45 subterranean parking spaces.

“The asset offered the buyer a non-rent controlled property near Downtown Los Angeles,” said Hibbert. “This transaction was part of a 1031 exchange and the buyer plans on holding this stabilized investment property for the long-term.”

Hibbert added that Echo Park is an area that is attracting successful professionals in many different professions which has led to a rapid rise in rents and appreciation of properties in the market.

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

Darcie Giacchetto
D.G. Communications, Inc.

No comments: