LOS ANGELES, CA, Nov. 15, 2011 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the sale of a 50-unit multifamily property located at 123 California Ave. (top left photo) in Santa Monica.
Kimberly Roberts Stepp (lower right photo) of Charles Dunn Company who is out of the firm’s West Los Angeles office procured the seller, Petrikas Family Limited Partnership from Riverside, Calif. Hamid Soroudi, also from Charles Dunn Company’s West Los Angeles office represented the buyer, Xenon Investments from Los Angeles, Calif. The property closed at just above a 4 percent cap rate.
“The property was sold at 100 percent of the asking price,” said Roberts Stepp. “Under very unfortunate circumstances, the seller was in an airplane accident and passed away during escrow. I worked with the heirs to complete the sale and secured a 1031 exchange for them at a higher cap rate with the acquisition of a NNN single tenant retail property.”
Built in 1959, the multifamily property is located in Santa Monica on California Ave. near Ocean Ave. The property has controlled access, courtyard, subterranean parking, and a pool.
Contact: Darcie Giacchetto, D.G. Communications, Inc., 949.278.6224
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The hardest part of following through with a 1031 exchange is finding a replacement property within the 45 days given by the IRS after relinquishing the original property. However, there are some guidelines that can increase a person’s options. First, a taxpayer may choose up to three replacement properties, of any value, from which he/she must acquire at least one of those before the 180-day deadline. Another option, called the 95% rule, allows taxpayers to choose any number of replacement properties as long as the Fair Market Value of the properties received by the end of the exchange period is 95% or more of the total FMV of all potential properties identified. Finally, the 200% rule permits taxpayers to choose any number of replacement properties as long as the total FMV of the replacement properties doesn’t surpass 200% of the fair market value of the exchanged property/properties.
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