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| Hamid Soroudi |
LOS ANGELES, CA, June 9, 2014 – Charles Dunn Company, one of
the largest full-service regional real estate firms in the western United States,
has completed the $22 million sale of a 201-unit multifamily property located at 9010 Tobias Ave. in Panorama
City, Calif.
Hamid Soroudi, senior managing director, of Charles
Dunn Company represented the seller, Tobias Partners, LP, a private investor
from Los Angeles. The buyer was
PJCF-T2, LLC, a Los Angeles-based private investor. The property sold at a cap
rate of 5.3 percent and at a per-unit price of $109,543.
Built
in 1972 and situated on 2.4 acres, the asset includes 102 one-bedroom/one-bathroom
units, 51 studio units, and 48 two-bedroom/two-bathroom units.
The four-story
property includes two elevators, center courtyard that includes a pool and spa;
recreation room and gym; controlled access; and semi-subterranean parking
spaces. Many of the units have been recently renovated.
“The
Panorama City multifamily market is strong with vacancies currently under 3
percent and no new development underway,” said Soroudi. “The buyer was able to
acquire a quality asset and has an upside potential of gaining additional
income as rents roll and are brought 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
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