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| Kimberly Roberts Stepp |
Stepp, represented the seller, 1626 North Fuller, LLC. The
buyer was Unison Investment Company and was represented by John Chu of
New Life Properties, Inc. The closing cap rate was 3.7 percent.
Built in 1969 the property consists entirely of large,
one-bedroom units that include recently renovated features including new
windows, custom cabinetry, wood floors and new appliances.
The property also offers controlled access, elevator,
laundry room, and secure gated parking. The asset is situated just six blocks
from the ocean and is a short walk to Santa Monica Pier and Main Street
restaurants and shops.
“We marketed this property by featuring its prime, Santa
Monica location, upside in bringing rents to market rates, and long-term
appreciation of the asset,” said Stepp. “Multifamily investments in this very
hot submarket will attract investors in 2015 as they continue to pay record
prices which are compressing cap rates to all-time lows.”
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| 1901 6th Street Apartments, Santa Monica, CA |
Charles Dunn Company
is one of the largest full-service regional real estate firms in the Western
United States.
Established in 1921 and headquartered in Los Angeles, the firm’s
brokerage practice continues to be a market leader.
The firm also manages more than 21 million square feet of
office, industrial, retail, residential and mixed-use properties for third
party clients and provides construction management, architecture and design,
general contracting and capital markets services.
With more than 260
team members in nine offices, Charles Dunn Company’s reach extends far beyond
its physical locations, as its experienced professionals leverage their market
knowledge, relationships, and expertise to achieve and exceed client
expectations. www.charlesdunn.com
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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