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| Kimberly Roberts Stepp |
LOS ANGELES, CA – Charles Dunn Company, one of the largest
full-service regional real estate firms in the western United States, has
completed the $5.4 million sale of a 25-unit multifamily property located at 1251
N. Crescent Heights Blvd. in West Hollywood.
Hamid Soroudi of Charles Dunn Company represented the
seller, Los Angeles-based BG Apartments, LLC. Kimberly Roberts Stepp of
Charles Dunn Company represented the buyer, Los Angeles-based Hillstreet
Realty, LLC. The sale closed at a 4.9 percent cap rate.
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| Hamid Soroudi |
The unit mix of the property includes: mostly one- and
two-bedroom units with below-market rents. The property was 100 percent
occupied at the close of escrow. It offers quaint and charming architecture, a
pool and subterranean parking.
“The buyer intends to reposition the property by renovating
the exterior and interior then increasing the rents as allowable under the City
of West Hollywood rent control laws,” said Soroudi.
Soroudi and Stepp 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.
Contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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