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| Kimberly Roberts Stepp |
LOS ANGELES, CA, July 2, 2014 – Charles Dunn Company, one of
the largest full-service regional real estate firms in the western United
States, has completed the $2 million sale of a fully occupied eight-unit
multifamily property located near Michigan Avenue at 1811 19th Street in Santa
Monica, Calif.
Kimberly Roberts Stepp, senior managing director with
Charles Dunn Company, represented the sellers, two Los Angeles-based family
trusts. The buyer was a private investor from Los Angeles who was represented
by Wes Wellman of Wellman Realty Company. The transaction closed at a 4.3
percent cap rate and a per-unit price of $250,000.
“The Santa Monica apartment market is strong with investors
waiting on the sidelines to buy assets such as this one,” said Stepp. “This
property offered the buyer a significant upside and a value-add opportunity to
reposition the property over the next few years.”
Built in 1960, the property includes seven
two-bedroom/one-bathroom units and one studio unit. It is located near the
future terminal of the much-anticipated light rail line which is expected to be
completed in 2015.
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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