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| 11235 Richland Avenue, West Los Angeles, CA |
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| Michel Hibbert |
LOS ANGELES, CA – Charles Dunn Company, one of the largest
full-service regional real estate firms in the western United States, has
completed the $3 million sale of a fully occupied, nine-unit, non-rent
controlled multifamily property located near Sepulveda Blvd between Pico and
National Boulevards at 11235 Richland Avenue in West Los Angeles.
Michel Hibbert of Charles Dunn Company represented
seller, KWP Investments from Los Angeles, as well as the buyer, Tai On
Investments, LLC from Glendale. The closing cap rate was 4.7 percent.
Built in 1987 the two-story property was recently renovated
and includes two, one-bedroom/one-bathroom units and seven,
two-bedroom/two-bathroom units. The property also offers 17 parking spaces, a
laundry facility, and secured entry.
“The seller needed to close before year-end to purchase an
up leg property for his 1031 exchange said Hibbert. “We were able to identify
an all-cash buyer who was also in a 1031 exchange and closed escrow in just two
weeks at 98 percent of list price.”
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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