Monday, December 24, 2012

Charles Dunn Co. Completes $13.5 Million Sale of 45-Unit Luxury Multifamily Property in Hollywood Hills Submarket of Los Angeles



1865 North Fuller Ave., Hollywood Hills, CA
LOS ANGELES, CA– Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $13.5 million sale of a 45-unit multifamily property located adjacent to Runyon Canyon Park at 1865 N. Fuller Ave. in the Hollywood Hills submarket of Los Angeles.

 Hamid Soroudi of Charles Dunn Company represented the seller, Los Angeles-based South Brockton Partners, LLC, as well as the buyer, Los Angeles based Dorchester Properties, LLC.  The sale closed at a 4.7 percent cap rate.

Hamid Soroudi
1865 N. Fuller sits adjacent to Runyon Canyon Park located on nearly one-acre of land and property amenities include controlled access, two elevators, gym, resort-style swimming pool and gated parking garage.  The units are very large with approximately 1,400 square feet. Some of the units have  been renovated with granite counter tops and new kitchen and bathroom cabinets and flooring.

 “The buyer intends to reposition the property and will renovate the common areas and the remaining un-renovated units in order to eventually increase rental rates,” said Soroudi.  

 Soroudi leads 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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