Torrance, CA – December 9, 2010 – (RealEstateRama) — Michel Hibbert of Charles Dunn Company has negotiated a $1.9 million sale of a 19-unit apartment complex located at 943 Elden Ave. in Los Angeles.
Leman Management Group LLC purchased the 14,712-square-foot property from Citibank in an REO sale. The sale closed in 30 days under a non-contingent contract.
Leman Management Group, which owns and operates properties, took advantage of the property’s discounted cost and plans to upgrade the complex and keep as a long term investment. The apartments, built in 1986, are 90 percent occupied.
Hibbert represented the buyer, Leman Management Group, LLC, and Grubb & Ellis represented the seller, Citibank.
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.