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| Joseph Mackin |
LOS ANGELES, CA– Charles Dunn Company, one of the largest
full-service regional real estate firms in the western United States, has
completed the $2.4 million sale of a 16-unit apartment property in the East
Hollywood submarket of Los Angeles.
Joseph Mackin,
director with Charles Dunn Company, represented the buyer in the transaction,
Essential Management.
The seller, a private overseas investor was represented
by First Investment & Realty. The property closed at a 5.5 percent cap
rate.
Located at 634 N. Kingsley Dr., the property consists
entirely of one-bedroom, one-bathroom units and was 100 percent occupied at the
close of escrow.
“This property was in poor shape and has significant
improvements that need to be addressed for safety as well as aesthetic
reasons,” said Mackin.
“This suited the buyer as it specializes in the major
renovation of Hollywood-area apartment properties and will be able to add
significant value to the asset upon completion of the improvements and lease-up
with market rates.”
For a complete copy
of the company’s news release, please contact:
Darcie Giacchetto
949.278.6224
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