CHARLES DUNN COMPANY COMPLETES $2.075 MILLION SALE OF 20-UNIT MULTIFAMILY PROPERTY IN LOS ANGELES COUNTY
LOS ANGELES, CA – June 13, 2012 – (RealEstateRama) — Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $2,075,000 sale of a 20-unit apartment property located at 225 N. Ave. 53 in Highland Park near the 110 freeway.
Albert Shilton and Blake Rogers of Charles Dunn Company represented the seller, Los Angeles-based 225 Avenue 53, LLC, and the buyer, Remedy Investors 2, LLC, from Los Angeles. Shilton and Rogers generated nine offers for the property, ultimately selling it for a cap rate of 6.8 percent and a price per foot of $168. Both are indicators that have not been seen in Highland Park since 2008.
“After buying the foreclosed asset in mid-2011, the investor immediately began a renovation and lease-up program that resulted in this record breaking price,” said Rogers.
Built in 1991, the property totals 12,350 square feet and was 90 percent occupied at the close of escrow. The unit mix consists of 10 one-bedroom/one-bathroom units and 10 two-bedroom/two-bathroom units.
“The buyer was drawn to the property because it was non-rent controlled and offered a strong unit mix,” said Shilton. “The condition of the building allowed the buyer to obtain agency financing. Based on a projected cap rate of 6.8 percent, the buyer should have terrific cash flow.”
About Charles Dunn Company
Charles Dunn Company is one of the largest full-service regional real estate firms in the Western United States. Established in 1921 and headquartered in Los Angeles, the firm’s brokerage practice continues to be a market leader. The firm also manages more than 20 million square feet of office, industrial, retail, residential and mixed-use properties for third party clients and provides construction management, architecture and design, general contracting and capital markets services. With more than 260 team members in nine offices, Charles Dunn Company’s reach extends far beyond its physical locations, as its experienced professionals leverage their market knowledge, relationships, and expertise to achieve and exceed client expectations. www.charlesdunn.com
