Charles Dunn Company Completes $2.275 Million Sale of Eight-Unit Multifamily Property in Santa Monica
LOS ANGELES, CA – May 10, 2012 – (RealEstateRama) — Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $2,275,000 sale of an eight-unit apartment property located north of Wilshire Boulevard and south of Montana Avenue at 1008 20TH Street in the City of Santa Monica.
Albert Shilton and Blake Rogers of Charles Dunn Company represented the seller, a San Diego-based private investor. The buyer, Los Angeles-based Brea Exchange, Inc. was represented by Teles Properties. The property sold at a cap rate of 4.6 percent.
Built in 1947, the property totals 9,918 square feet and was 88 percent occupied at the close of escrow. The building includes private garages, a courtyard setting and onsite laundry facilities. The property includes four one-bedroom/one-bathroom units, two, two-bedroom/one-bathroom units, and two, three-bedroom/two-bathroom units.
“The buyer recognized the upside potential of the investment based on the fact that current rents were approximately 20 percent below market,” said Shilton.
Charles Dunn Company generated multiple offers. The final sale price was the second highest price per square foot paid in Santa Monica for a rent controlled asset in 2012, indicating continued strength of the multifamily sector, and the formidable appetite for well located multifamily properties.
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
