Charles Dunn Company Closes $1.2 Million Multifamily Sale
Torrance, CA – February 16, 2011 – (RealEstateRama) — Bryan Glenn of Charles Dunn Company’s West Los Angeles office has closed the sale of a 24-unit multifamily property located at 916 S. Lake St. in Los Angeles, Calif. The value of the transaction is $1.2 million.
The 10,712-square-foot apartment complex was purchased and sold by private investors. Glenn represented the seller and Connie Kim of Coldwell Banker Commercial represented the buyer. The building was constructed in 1923 and is currently 92% leased.
According to Glenn, the seller was looking to reduce management responsibilities while the buyer found the low gross rent multiplier and attractive cash flow greatly appealing. The buyer plans to hold the property for future investment.
“This is one of a handful of older properties that has traded in this submarket recently based on an attractive price per unit and strong cash flow,” Glenn said.
About Charles Dunn Company
Charles Dunn Company is one of the largest full-service brokerage firms on the West Coast. Established in 1921, the Los Angeles-based company provides a full complement of real estate services. For more information and office locations, please visit www.charlesdunn.com.
