Thursday, April 3, 2014

Charles Dunn Company Completes $2.7 Million Sale of 8-Unit Multifamily Property in Los Angeles

  
1937 Pelham Avenue, West Los Angeles, CA

Ramin Gheitanchi
 LOS ANGELES, CA, April 3, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $2.7 million sale of a fully occupied, eight-unit multifamily property located at 1937 Pelham Ave. in west Los Angeles.

Ramin Gheitanchi of Charles Dunn Company who specializes in listing and selling multifamily properties in the prime Westside market, represented the buyer, Chateau Pelham LLC, as well as the seller, 1937 Pelham LLC. The closing cap rate was 4.2 percent.

Built in 1961, the fully renovated property consists of four one-bedroom units and four two-bedroom units. The well-located asset is near Santa Monica Blvd. and is within the Westwood sub-market. 

“The buyer owns other multifamily properties in the area and wanted to expand his portfolio.  With such a low turnover of apartment buildings in the prime Westside market, this was a rare opportunity for the buyer to acquire a luxuriously renovated turnkey property that will appreciate in value as rents continue to rise in the local area,” said Gheitanchi.

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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