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| 11019 Fruitland Drive, Studio City submarket of Los Angeles, CA |
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| Kimberly Roberts Stepp |
LOS ANGELES, CA, Nov. 22, 2013 – Charles Dunn Company, one of the largest
full-service regional real estate firms in the western United States, has
completed the $2.4 million sale of a fully occupied, 10-unit multifamily
property located at 11019 Fruitland Dr. in the Studio City submarket of
Los Angeles, Calif.
Kimberly Roberts Stepp, senior managing director with
Charles Dunn Company, represented the seller, US Trust, a Bank of America
Trustee.
The buyer, a Los
Angeles-based private investor was represented by Sapphire Investment Company.
The transaction closed at a 4.1 percent cap rate.
“I worked with the seller to perform due diligence and
physical inspections prior to opening escrow in order to make the transaction
process as smooth as possible,” said Stepp.
“The property was competitively
priced and generated 28 offers,” said Stepp. “Because of the demand, the property
was overbid and sold for $400,000 over the asking price.”
Built in 1985, the property was recently renovated and
includes hardwood floors and custom cabinets in all the units. The property has
two, two-bedroom/two-bathroom units and eight one-bedroom/one-bathroom units
and offers secured entry and ample gated parking.
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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