LOS ANGELES, CA – Kimberly Roberts (middle right photo) Stepp, senior managing director with Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed two multifamily property sales totaling $3,575,000 million within Los Angeles’ Westside submarket. Roberts Stepp represented both sides on each of the two transactions.
The first property is located at 1412 17th Street in Santa Monica near the major cross streets of Santa Monica Blvd. and 17th Street. The 7-unit property sold for $2,025,000 and closed escrow at a low 4.3 percent cap rate. The seller was Picone Trust and the buyer was LS Investments from Los Angeles.
“This property sold for $25,000 over the asking price and closed in just 14 days,” said Roberts Stepp. “This is another testimony to the reemerging strength of the Westside apartment market and a result of the current shortage of product.”
The second property is located at 2820 3rd Street in Santa Monica (top left photo) near Main Street. The 6-unit property sold for $1.55 million and closed escrow in less than three weeks at a sub 4 percent cap rate. The seller and buyer were both private investors from Los Angeles.
“The investment presented significant upside in rents. Additionally, the buyer had the opportunity to obtain seller financing on the property,” said Roberts Stepp. “Even with cap rates in the 4 percent range in the Santa Monica area, investors see the opportunity for a stable, well located investment that appreciates over the long term.”
A top broker with Charles Dunn Company, Roberts Stepp specializes in the sale and exchange of multifamily, development sites and commercial real estate in the areas of Santa Monica and the Westside.
Contact: Darcie Giacchetto, 949.278.6224
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