LOS ANGELES, CA. Jan. 20, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $2,375,000 sale of a fully occupied nine-unit multifamily property in the Westwood submarket of Los Angeles. The property is located at 1931 Overland Ave. near Santa Monica Blvd.
The property was listed and sold by The Soroudi Group at Charles Dunn Company. The Soroudi Group specializes in selling and exchanging prime Westside properties.
Hamid Soroudi (top left photo) of Charles Dunn Company represented the seller, Los Angeles-based GSR Apartments, LLC. Kimberly Roberts Stepp (top right photo) with Charles Dunn Company represented the buyer, Los Angeles-based TSI Property Management, LLC. The closing cap rate was 5.1 percent.
Built in 1991, the property is non-rent controlled and includes three one-bedroom/one-bathroom units and six two-bedroom/two-bathroom units.
“This property is situated in a prime Westside location,” said Soroudi. “Multifamily properties throughout the Westside market continue to be highly sought after by investors. Vacancy rates are hovering at around three percent and cap rates are low, reflecting the strong market fundamentals.”
Contact: Darcie at darcie@dagicomm.com
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