Charles Dunn Co. Completes $1.63 Million Sale of 24-Unit Multifamily Property in Los Angeles

  

844 and 846 West Martin Luther King Jr. Boulevard Apartments, South Los Angeles, CA

  

Mario Gallo

 LOS ANGELES, CA, April 16, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $1.63 million sale of a fully occupied, 24-unit multifamily property located at 844 and 846 W. Martin Luther King Jr. Blvd. in south Los Angeles.

Ramin Gheitanchi and Mario Gallo of Charles Dunn Company represented buyer, Full Moon Management LLC. Gheitanchi also represented the sellers, Hertz Family Trust and MSM Trust. The closing cap rate was 5.9 percent.

Built in 1924 and 1925, the two 12-unit sister buildings are located across the street from the Los Angeles Memorial Coliseum and just south of University of Southern California (USC). 

There are 21 studio units and three one-bedroom units.

Ramin Gheitanchi

“The sellers needed a quick closing due to a balloon payment coming up on their loan,” said Gheitanchi. “We procured an all-cash buyer that made a non-contingent offer and closed escrow in less than 30 days.

"The buyer is a long-term holder who plans to renovate the property and add value by bringing the rents up to market rates.”

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

D.G. Communications, Inc.

949.278.6224

 www.charlesdunn.com