Wednesday, November 27, 2013

Charles Dunn Co. Completes $1.67 Million Sale of Multifamily Property in Santa Monica, CA

  
1963 17th Street, Santa Monica, CA



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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