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| 1963 17th Street, Santa Monica, CA |
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| Kimberly Roberts Stepp |
LOS ANGELES, CA – Charles Dunn Company, one of the largest
full-service regional real estate firms in the western United States, has
completed the $1,675,000 sale of a fully occupied, six-unit multifamily
property located at 1963 17th St. near the major cross street of Pico
Blvd. in Santa Monica, Calif.
Kimberly Roberts Stepp, senior managing director with
Charles Dunn Company, represented the seller, a private investor from Los
Angeles, as well as the buyer, an investor from Asia. The transaction closed at
a 4.5 percent cap rate.
Built in 1959, the property includes six
two-bedroom/two-bathroom units with hardwood floors, and custom finishes. The
building is near Santa Monica City College and the new Metro line.
“Over the last six months, the Santa Monica multifamily
investment market has been heating up due to increasing rental rates, low
vacancies/inventory, and historically low interest rates. The combination of
these factors have resulted in higher sale prices,” said Stepp.
Stepp also observed that despite the residential demand for
housing, new apartment construction in Santa Monica is at historical lows.
“I believe that multifamily property pricing in Santa Monica
will continue to increase provided that interest rates stay at or close to what
they are now.
"Once the much-anticipated Santa Monica Light Rail main terminal
opens in 2015, occupancy in the city is expected to increase by about 12
percent,” commented Stepp.
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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