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| 1451 Hi Point Street Apartments, Faircrest Heights Neighborhood, Los Angeles, CA |
LOS ANGELES, CA, Sept. 23, 2013 – Charles Dunn Company, one of the largest full-service
regional real estate firms in the western United States, has completed the sale
of a fully occupied eight-unit multifamily property located within the
Faircrest Heights neighborhood near Fairfax and Pico Boulevards at 1451 Hi
Point Street in Los Angeles.
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| Albert Shilton |
The Faircrest
Heights submarket was recently rated as the number three ‘up and coming’
neighborhood by a prominent listing website. The property closed at the highest
price per unit and price per square foot in the neighborhood this year at over
$420,000 and over $320 respectively according to CoStar records.
Albert Shilton and Blake Rogers of Charles
Dunn Company represented the seller, a private investor from Los Angeles. The
buyer was LA Glo, Inc. and was represented by Coldwell Banker.
Built in 2012, the property was originally designed to sell
as condominiums, but the original developer lost the property in foreclosure.
The seller finished construction, and stabilized the asset shortly before
listing the property.
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| Blake Rogers |
The building offers upscale finishes with a unit mix
comprised of six, two-bedroom/two-and-a-half bathroom units and two,
three-bedroom/two-and-a-half bathroom units.
“Not only should the buyer do well with the building as a
rental property due to healthy rent growth and low vacancy in the submarket,
but the property is also well positioned for condo conversion in the future,”
commented Shilton.
Shilton and Rogers specialize in the sale of multifamily
properties and land for development within Los Angeles and Orange Counties.
Over the past 12 months, they closed on transactions totaling approximately
$77,000,000.
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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