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| Bryan Glenn |
LOS ANGELES, CA. Jan. 30, 2013 – Charles Dunn Company, one
of the largest full-service regional real estate firms in the western United
States, has completed the $4.7 million sale of a 30-unit multifamily property
located at 1831-1833 N. Normandie Ave. situated just north of Hollywood
Blvd. and south of Franklin Ave. in the Los Feliz submarket of Los Angeles.
Bryan Glenn, senior director with Charles Dunn
Company out of the firm’s West Los Angeles office, represented the seller,
Normandie Lion, LLC an entity of Lion Real Estate Group. The buyer, MKA
Investments, III, LLC was represented by Vahan Saroians of Coldwell
Banker.
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| 1831-1833 N. Normandie Ave. |
Glenn utilized his strong relationships in the market to
identify a buyer who was aggressively seeking to acquire a stabilized, quality
building in this location, and who understood the future upside potential of
the asset.
The buyer was also able to
take advantage of an attractive assumable loan with favorable terms that was
originated in July of 2012 through Chase Bank.
“Lion Real Estate Group purchased the property in 2010 and
was able to successfully sell it just two years later for a strong return on investment,”
said Glenn.
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| Vahan Saroians |
“Because of Lion’s hands-on management, ability to add value, and
increase the financial performance of the property, their exit strategy was
able to be realized in this off-market transaction. They will use the proceeds as part of a 1031 tax-deferred
exchange to continue their strategy of investing in value-add and opportunistic
multifamily assets in Southern California.”
According to Glenn, the seller had recently renovated about
half of the units with new kitchens, bathrooms and flooring, and several common
area upgrades were completed including complete exterior painting, interior
hallway painting, carpet replacement, installation of security cameras,
upgraded intercom, landscaping and signage.
For a complete
copy of the company’s news release, please contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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