 |
| Hamid Soroudi |
LOS ANGELES, CA – Charles
Dunn Company, one of the largest full-service regional real estate firms in the
western United States, has completed the $15.1 million sale of a multifamily
property portfolio totaling 103 units in Los Angeles. The sale includes two
properties located within one block of each other at 119 N. Avenue 51 and 219
N. Avenue 51.
Hamid Soroudi of Charles
Dunn Company represented the seller, Pacific 119 & 219 Ave-51, LP, a
California limited partnership.
Darrell Levonian and Tanel
Harunzade of Charles Dunn Company resented the
buyer, BWCH Inc., a California Corporation. The property sold at a
capitalization rate of 4.9 percent.
According to Soroudi, the
buyer is a local investor group that plans on adding value to the portfolio
through a substantial renovation in order to bring rents up to market rates.
 |
| Darrell Levonian |
“Charles Dunn
aggressively marketed this value-add portfolio opportunity and garnered several
strong offers,” said Soroudi. “The market is extremely competitive and this
type of value-add property is attractive as opportunities like this are few and
far between.”
119 N. Avenue 51 was
built in 1990 and 219 N. Avenue 51 was built in 1991. The portfolio includes 70
two-bedroom/one-bathroom units; 23 one-bedroom/one-bathroom units; and 10
single units. Each three-story property includes controlled access with
two-level subterranean parking, garages and elevators.
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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