Charles Dunn Completes $12.5 Million Portfolio Sale of Two Multifamily Properties Totaling 103 Units in Highland Park Neighborhood of Los Angeles, CA

  

    119 North Ave. and 219 North Ave., Highland Park, Los Angeles, CA

  

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.

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.

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