Friday, November 30, 2012

Charles Dunn Co. Completes $5.4 Million Sale of a 25-Unit Multifamily Property in West Hollywood, CA


  
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.

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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