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| 6021-6029 Carlton Way Apartments, Hollywood, CA |
LOS ANGELES, CA, July 11, 2016 – Charles Dunn
Company, one of the largest full-service regional real estate firms in the
western United States, has completed the $8.1 million sale of a fully occupied
31-unit apartment property located at 6021-6029 Carlton Way in the Hollywood
submarket of Los Angeles.
Bryan Glenn,
senior director with Charles Dunn Company, represented the buyer, a private Los
Angeles-based investment company. The seller, a Los Angeles-based private investor,
was represented by Coldwell Banker Commercial. The closing cap rate was 3.5
percent and the price per unit was just over $261,000.
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| Bryan Glenn |
“Hollywood is one of the
hottest submarkets in Southern California with a tremendous amount of
residential and commercial redevelopment,” said Glenn.
“It also benefits from an
influx of tenants taking brand new creative office space such as Netflix’s
relocation to the Icon building on Sunset Boulevard adjacent to Sunset Bronson
Studios. This property is extremely well-positioned to benefit from the
continuing growth in Hollywood and the demand for high quality rental housing.”
Glenn added: “The buyer
was attracted to the asset’s fantastic Hollywood location and the high level of
opportunity to add significant value through renovation and bringing rents to
market rates.”
Built in 1963, the
property includes two, two-story buildings with a mix of studio, one-, two- and
three-bedroom units and includes covered parking and a laundry facility.
It is
walking distance to Hollywood and Sunset Boulevard, the Hollywood / Vine Red
Line Metro, W Hotel, Henry Fonda Theatre, Sunset Bronson Studios, Emerson Arts
College, Columbia Square, and other key destinations.
For a complete copy of the company’s news release,
please contact:
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