Thursday, December 19, 2013

Charles Dunn Co. Completes $3 Million Sale of Nine-Unit Multifamily Property in Los Angeles, CA

  
11235 Richland Avenue, West Los Angeles, CA
 
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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