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| 316 San Vicente Boulevard Apartments, 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 sale of a fully occupied, 22-unit multifamily property located at 316
San Vicente Blvd. in Santa Monica, Calif.
The property was sold at a cap rate of 3.1 percent, which is
the lowest cap rate for a multifamily property sold in 2013 in Santa Monica,
according to Costar records.
Kimberly Roberts Stepp, senior managing director with
Charles Dunn Company, represented the seller, Herzog Family Trust, as well as
the buyer, 316 San Vicente, LLC.
Built in 1955, the property includes subterranean parking
and a pool as well as hardwood floors and dishwashers in all the units. It is
also just three blocks from the ocean and is situated on prestigious San
Vicente Blvd.
“This property garnered multiple offers over its short
listing period,” said Stepp. “The location and building quality offered the
buyer a strong, long-term investment as well as the opportunity for
appreciation in the coming years.”
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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