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| 4351 Normal Avenue, East Hollywood, 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 nearly $2.4 million sale of a fully
occupied 12-unit apartment property located at 4351 Normal Ave. in the East Hollywood submarket of Los Angeles.
Bryan Glenn,
senior director with Charles Dunn Company, represented the seller, a private
Los Angeles-based investment company. The 1031 exchange buyer, a Los
Angeles-based private investor, was represented by Nourmand & Associates.
The closing cap rate was 5.4 percent and the price per unit was approximately
$200,000.
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| Bryan Glenn |
“The East Hollywood
neighborhood has been seeing a strong amount of gentrification recently,
attracting young Millennials who are seeking updated apartments like this one,”
observed Glenn.
“This trend allowed the seller to achieve
favorable rental rates and therefore he decided to take advantage of the
elevated property value created by these rents by selling the asset. We attracted a buyer who liked the great
condition of the property and cash flow, and believes growth trends for the
area will continue.”
Built in 1918, the
renovated property includes four studio units, two one-bedroom units, and six
two-bedroom units. It is located in a prime location near the 101 Freeway and
is just four blocks from the Red Line Metro station.
It also offers easy access
to Silver Lake and Koreatown and is walking distance to LA City College, which
is undergoing significant campus improvements such as a new and advanced
technology learning facility, expanded athletic/fitness, and child development
centers.
For a complete copy of the company’s news release,
please contact:
Darcie Giacchetto
949.278.6224
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