Monday, August 17, 2015

Charles Dunn Co. Completes $2.65 Million Sale of Multifamily Property in Hollywood Submarket of Los Angeles



Janet Neman
LOS ANGELES, CA, Aug. 17, 2015 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $2.65 million sale of a non-rent controlled, eight-unit multifamily property located at 6123 Eleanor Ave. in the Hollywood submarket of Los Angeles. 

Janet Neman, senior managing director with Charles Dunn Company, represented seller, Eleanor Avenue Properties, LLC. The buyer was Next Tuesday, LLC. The closing cap rate was 5.09 percent and the per-unit price was $331,250.

Built in 1990, the two-story building was 75 percent occupied at the close of escrow and consists entirely of two-bedroom units. An extensive renovation was recently completed on the property that included exterior upgrades and new interior features such as recessed, energy-efficient lighting, flooring, kitchen cabinetry and eco-friendly appliances.

6123 Eleanor Avenue Apartments, Hollywood, CA
 Several units offer views of the Hollywood sign. Situated one block south of Santa Monica Blvd. and one block east of Vine St., the asset is within a densely populated area rich in retail, dining, and entertainment amenities to serve the demands of the local resident and employment base.

“The Hollywood market is thriving and prices for multifamily assets continue to be on the rise,” said Neman. “Because this property was recently renovated and repositioned, it is poised to capture prime rental rates and appreciation in a well-located neighborhood.”

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

Darcie Giacchetto
949.278.6224


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