Saturday, January 17, 2015

Charles Dunn Co. Completes $6 Million Sale of 16-Unit Multifamily Property in Santa Monica, CA


Kimberly Roberts Stepp
LOS ANGELES, CA – Kimberly Roberts Stepp, senior managing director with Charles Dunn Company, has completed the $6 million sale of a fully occupied 16-unit multifamily property at 1901 6th Street in Santa Monica, Calif.

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.”

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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