LOS ANGELES, CA, June 11, 2012 – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $2,075,000 sale of a 20-unit apartment property located at 225 N. Ave. 53 in Highland Park near the 110 freeway.
Albert Shilton (top right photo) and Blake Rogers (middle left photo) of Charles Dunn Company represented the seller, Los Angeles-based 225 Avenue 53, LLC, and the buyer, Remedy Investors 2, LLC, from Los Angeles.
Shilton and Rogers generated nine offers for the property, ultimately selling it for a cap rate of 6.8 percent and a price per foot of $168. Both are indicators that have not been seen in Highland Park since 2008.
“After buying the foreclosed asset in mid-2011, the investor immediately began a renovation and lease-up program that resulted in this record breaking price,” said Rogers.
Built in 1991, the property totals 12,350 square feet and was 90 percent occupied at the close of escrow.
The unit mix consists of 10 one-bedroom/one-bathroom units and 10 two-bedroom/two-bathroom units.
“The buyer was drawn to the property because it was non-rent controlled and offered a strong unit mix,” said Shilton. “The condition of the building allowed the buyer to obtain agency financing. Based on a projected cap rate of 6.8 percent, the buyer should have terrific cash flow.”
Contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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