Monday, November 4, 2013

Charles Dunn Company Completes $3.5 Million Sale of Interest in 32-Unit Property in Venice Submarket of Los Angeles CA

  
1210 Venice Boulevard, Venice, CA

  
Michel Hibbert
LOS ANGELES, CANov. 4, 2013 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the sale of a 50 percent interest in a 32-unit multifamily property located at 1210 Venice Blvd. in the Venice submarket of Los Angeles. The interest in the property was purchased for $3.5 million.

Michel Hibbert and Dan Johnson of Charles Dunn Company represented the Palos Verdes, Calif.-based seller, Coastal Property, a general partnership, as well as the buyer, Los Angeles-based Mastraili, LLC. The transaction closed at a cap rate of 4.6 percent. 

Built in 1988, the five-story property is situated on .28 acres of land and includes 12 one-bedroom/one-bathroom units and 20 two-bedroom/two-bathroom units.

Dan Johnson
“The seller was motivated to end his 25-year partnership in this property,” said Hibbert. “The property sold for a strong $218,750 per unit and $241 per square foot.”

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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