Saturday, March 1, 2014

Charles Dunn Co. Completes $6 Million Sale of 20-Unit Multifamily Property in Santa Monica, CA

  
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 the $6 million sale of a 20-unit multifamily property located at 1027-1033 20th Street in Santa Monica, Calif.

Kimberly Roberts Stepp, senior managing director with Charles Dunn Company, represented the seller, Santa Monica-based Eisen, LLC, as well as the buyer, Los Angeles-based 1027 ENA, LLC. The transaction closed at a 3.7 percent cap rate. 

Built in 1956, the property is located in a prime location north of Wilshire and just two blocks south of the prestigious Montana Ave.

 It includes two, three-bedroom/two-bathroom units; 12, two-bedroom/one-bathroom units; and six, one-bedroom/one-bathroom units.

“This property offered the buyer excellent upside potential as the rents were 67 percent below market rates,” said Stepp. 


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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