Monday, September 23, 2013

Charles Dunn Co. Completes Record-Breaking $3.4 Million Sale of Multifamily Property in Los Angeles


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.

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.

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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