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| 1154 Bellevue Avenue, Echo Park Neighborhood Los Angeles, CA |
LOS ANGELES, CA – Charles Dunn Company, one of the largest
full-service regional real estate firms in the western United States, has completed
the $8.11 million sale of a 95 percent occupied, 33-unit, non-rent controlled
multifamily property located at 1154 Bellevue Ave. just west of Sunset
Boulevard in the Echo Park neighborhood of Los Angeles.
Michel Hibbert of Charles Dunn Company represented
seller, Bellevue Development Ventures, LLC from Los Angeles.
The buyer, Unison Investment Company, LLC from Arcadia was
represented by John Chu of New Life Properties. The closing cap rate was
a 4.7 percent and the price-per-square-foot was $411.
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| Michel Hibbert |
Built in 2008, the three-story luxury apartment property
includes a mix of studio and one-bedroom units that include balconies or
patios, granite bathroom counter tops, crown molding, hardwood laminate floors,
and walk-in closets.
Common area amenities include a courtyard, laundry
facilities, gated entry and 45 subterranean parking spaces.
“The asset offered the buyer a non-rent controlled property
near Downtown Los Angeles,” said Hibbert. “This transaction was part of a 1031
exchange and the buyer plans on holding this stabilized investment property for
the long-term.”
Hibbert added that Echo Park is an area that is attracting
successful professionals in many different professions which has led to a rapid
rise in rents and appreciation of properties in the market.
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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