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| Bryan Glenn |
LOS ANGELES, CA, July 26, 2016 – Charles Dunn Company, one of
the largest full-service regional real estate firms in the western United
States, has completed the $4.25 million sale of a fully occupied, non rent-controlled,
22-unit apartment property situated in East Hollywood at 3933 Marathon Street
in Los Angeles.
Bryan Glenn,
senior director with Charles Dunn Company, represented the seller, a private
Los Angeles-based investment company who was in a 1031 exchange. Glenn also
represented the buyer, a private partnership from Los Angeles. The closing cap
rate was 3.25 percent and the price per unit was just over $193,000.
“This sale represented the
tremendous demand for non rent-controlled multifamily product, coupled with
investor confidence in this location. T
"he buyer plans to implement a
comprehensive value-add strategy to improve the property and achieve strong
market rents,” noted Glenn who also brokered two other apartment transactions
in the Hollywood market over the last 30 days.
Glenn added that the
property’s location in the Virgil Village neighborhood is becoming a hotspot
due to its proximity to Silver Lake, the greater Hollywood area and Koreatown.
For a complete copy of the company’s news release,
please contact:
Darcie Giacchetto
949.278.6224
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