Charles Dunn Company Completes $1.75 Million Sale of 8-Unit Multifamily Property in Los Angeles

  

12757 Mitchell Avenue, Mar Vista enclave, 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 $1.75 million sale of a fully occupied, eight-unit multifamily property located near the cross street of Venice Boulevard and Washington Place at 12757 Mitchell Ave. in the Mar Vista enclave of Los Angeles.

Michel Hibbert

Michel Hibbert of Charles Dunn Company represented the seller, a private individual from Los Angeles. The 1031 exchange buyer was Los Angeles-based Norman Green Trust who was represented by Manual Galvan of Chris Walker Realty. The transaction closed at a cap rate of 4.2 percent and $292 per square foot, a favorable price for a property built in 1957.

“This transaction was sold for one of the lowest cap rates in the area,” said Hibbert. “The buyer assumed an existing loan with an interest rate of 3.85 percent fixed for four years, then converting to a variable rate for the remaining 25 years. Mar Vista has had and will continue to have strong rental and appreciation growth in the future.”

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224