Wednesday, July 2, 2014

Charles Dunn Company Completes $2 Million Sale of Multifamily Property in Santa Monica, CA

  
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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