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| 1409 South Westgate Ave., West Los Angeles, 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 sale of an eight-unit residential condominium building located
north of Santa Monica Blvd. and south of Wilshire Blvd. at 1409 S. Westgate
Ave. in West Los Angeles. The building was originally constructed as
condominiums for sale, however the owner/developer rented the units.
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| Albert R. Shilton |
Albert Shilton and Blake Rogers of Charles
Dunn Company represented the seller, GXG Green Properties LLC from Los Angeles,
as well as the buyer, a private investor who utilized a 1031 Exchange from a
property sold in New York. The property was fully occupied at the close of
escrow and includes one, two-bedroom/two-and-a-half bathroom unit and seven,
three-bedroom/two-and-a-half bathroom units. The purchase price was not
disclosed.
“The buyer saw the value in the opportunity to purchase the
property based on the existing rental income, with the potential of eventually
selling the units as condominiums on an individual basis for a substantial
profit in the coming years as that market heats up,” said Rogers.
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| Blake Rogers |
“This was a win-win situation for the buyer and seller,”
said Shilton. “Not only should the buyer do well on the back end, but the
seller was able to capitalize on the low-cap rate environment, and plans on
re-deploying the capital into other development opportunities.”
Shilton and Rogers specialize in the sale of multifamily
properties and land for development within Los Angeles and Orange Counties. In
2012, they closed on transactions totaling approximately $39,000,000
representing over 500 existing and future units.
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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