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| Michel Hibbert |
LOS ANGELES, CA – Charles Dunn Company, one of the largest
full-service regional real estate firms in the western United States, has
completed the $2.22 million sale of a fully occupied 12-unit multifamily
property located at 11292 Brookhaven Ave. in Los Angeles between Pico
and National Blvd.
Michel Hibbert of Charles Dunn Company represented
the Los Angeles-based seller, KWP Investments, LLC. The buyer was 11296
Brookhaven Investors, LLC from Los Angeles and was represented by Michael
Irvine of Bulldog Realtors. The transaction closed at a cap rate of 5.2
percent.
The property includes four studio units, four one-bedroom
units, and four one-bedroom units and is situated close to the 405 and 10
freeways.
“The asset had been completely renovated which was
attractive to the buyer,” said Hibbert.
“I advised the seller to bring rental rates up to market prices prior to
putting the property on the market. Because of its stability, the seller was
able to garner 100 percent of the asking price. “
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| Michael Irvine |
Hibbert added that at $371 per square foot, the pricing on
the asset is one of the highest for a comparable property in West Los Angeles.
Michel Hibbert has completed more than $500 million in
transactions over his career and has been one of Charles Dunn Company’s top
multifamily brokers year-over-year for the firm.
For a complete copy
of the company’s news release, please contact:
Darcie Giacchetto,
949.278.6224
D.G. Communications, Inc.
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