LOS ANGELES, CA June 1, 2011 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $4.1 million sale of a 16-unit apartment community located at 1946 Overland Ave (top left photo). in West Los Angeles near the major cross street of Santa Monica Blvd (bottom left photo). situated just minutes from UCLA, Century City and Beverly Hills. Hamid Soroudi (middle right photo) of Charles Dunn Company represented the buyer Los Angeles-based Acorn II Partners, L.P. Ramin Gheitanchi of Charles Dunn Company represented the seller, Heyat, LLC also from Los Angeles. The property sold at a cap rate of 5.3 percent.
Built in 1963, the property totals just under 20,000 square feet and was 95 percent occupied at the close of escrow. The building includes gated parking, a lobby, an elevator and units with balconies and dishwashers.
The majority of the units have been renovated with hardwood floors, new bathroom vanities, tiles and fixtures. The apartment community includes large one-, two- and three-bedroom units ranging in size from 900 square feet to 1,300 square feet.
“This buyer was seeking a multi-residential property located in the Westside and contacted the Charles Dunn Soroudi Group as we specialize in the Westside submarket,” said Soroudi. After a short search, we identified the right property for the buyer and negotiated a reasonable price and terms.
Soroudi added that escrow closed within 60 days. The west Los Angeles multi-residential market currently has a vacancy rate of approximately 3 percent.
Soroudi and Gheitanchi are members of Charles Dunn Company’s The Soroudi Group.
The Soroudi Group is the most successful and active group of brokers involved in selling and exchanging of prime Westside Properties. Their marketing program delivers sold properties at more than 98.5 percent of the list prices within a compressed marketing period.
The Soroudi Group is the most successful and active group of brokers involved in selling and exchanging of prime Westside Properties. Their marketing program delivers sold properties at more than 98.5 percent of the list prices within a compressed marketing period.
Contact: Darcie Giacchetto, D.G. Communications, Inc., 949.278.6224
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