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| Saltair Arms, 1250 Saltair Avenue, Los Angeles, CA |
LOS ANGELES, CA, Oct. 14, 2013 – Charles Dunn Company, one
of the largest full-service regional real estate firms in the western United
States, has completed the sales of two, recently renovated vacant West Los
Angeles multifamily properties known as Saltair Arms and Brockton
Regency.
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| Paul Kenworthy |
Paul Kenworthy represented the single seller of the
assets, Dr. Patrick Shoon Shiong, as well as the family trust buyers in the
transactions. Both sales garnered record-high pricing for the West Los Angeles
area at approximately $406,000 per unit and at cap rates of just under 4
percent.
“Both of these properties were sold for top dollar due to
their high quality and prime location,” said Kenworthy, senior managing
director with Charles Dunn Company. “The seller had recently completed a total
renovation of the properties at a cost of more than $30,000 per unit, making
the assets attractive to investors looking for turnkey property.”
Kenworthy added that all the units were fully furnished from
forks and knives to beds, sofas, art work, coffee tables, kitchen /dining room
set up, and TVs, making the properties a unique offering to potential tenants.
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| Brockton Regency Apartments 1251 Brockton Avenue, Los Angeles, CA |
Saltair Arms was built in 1987 and is located near Wilshire
and Bundy at 1250 Saltair Avenue. The property totals nine units and was
sold for $3.6 million to an all-cash buyer, Rios Family Trust.
The unit mix
includes three, two-bedroom/two-bathroom units; three, one-bedroom/one bathroom
units plus a loft; and three, one-bedroom/one-bathroom units.
Brockton Regency was built in 1986 and is located at 1251
Brockton Avenue and is also located near Wilshire and Bundy. The property
totals eight units and was sold for $3.3 million to an all-cash buyer, Gleitman
Family Trust.
Kenworthy has more than 25 years of experience in
multifamily for the West Los Angeles/Brentwood/Westwood area, giving him
street-level market knowledge as well as an ongoing understanding of all
current development and redevelopment projects in the area. He also utilizes
his thorough investor database that includes the key players in the
marketplace.
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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