Friday, May 1, 2015

Charles Dunn Company Completes $2.4 Million Sale of a 16-Unit Apartment Property in Los Angeles

Joseph Mackin
LOS ANGELES, CA– Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $2.4 million sale of a 16-unit apartment property in the East Hollywood submarket of Los Angeles.

Joseph Mackin, director with Charles Dunn Company, represented the buyer in the transaction, Essential Management. 

The seller, a private overseas investor was represented by First Investment & Realty. The property closed at a 5.5 percent cap rate.

Located at 634 N. Kingsley Dr., the property consists entirely of one-bedroom, one-bathroom units and was 100 percent occupied at the close of escrow.

“This property was in poor shape and has significant improvements that need to be addressed for safety as well as aesthetic reasons,” said Mackin. 

“This suited the buyer as it specializes in the major renovation of Hollywood-area apartment properties and will be able to add significant value to the asset upon completion of the improvements and lease-up with market rates.”

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

Darcie Giacchetto


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