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119 North Ave. and 219 North Ave., Highland Park, Los Angeles, CA
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LOS ANGELES, CA,June 13, 2013 – Charles Dunn Company, one of
the largest full-service regional real estate firms in the western United
States, has completed the $12.5 million portfolio sale of two multifamily
properties totaling 103 units located at 119 and 219 N. Avenue 51 in the
Highland Park neighborhood of Los Angeles. The portfolio was 98 percent
occupied at the close of escrow.
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| Hamid Soroudi |
Hamid Soroudi, senior managing director, of Charles
Dunn Company represented the seller, 11022 Santa Monica Blvd. L.P. The buyer is undisclosed. The property sold
at a cap rate of 6 percent.
“The Highland Park submarket is one of the hottest areas in
Los Angeles to live,” said Soroudi. “The number of listings are down, and
properties are seeing consistently rising prices. This buyer was able to secure
a strong, value-add buy and plans on repositioning the property by doing an
extensive renovation of the units and bringing the rents up to market rates.”
Both properties include controlled access, an elevator
two-level subterranean parking garages. Built in 1990, 119 North Avenue 51
totals 59 units.
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| Highland Park neighborhood Northeast Los Angeles, CA |
Built in 1991, 219 North Avenue 51 includes 44 units. The
properties are within walking distance to two Metro Gold Line stops for easy
access to major employment centers (Tri-Cities, Downtown Los Angeles, and San Gabriel
Valley).
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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