Charles Dunn Company Completes $4.1 Million Sale of 16-Unit Multifamily Property in West Los Angeles
LOS ANGELES, CA – June 1, 2011 – (RealEstateRama) — Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $4.1 million sale of a 16-unit apartment community located at 1946 Overland Ave. in West Los Angeles near the major cross street of Santa Monica Blvd. situated just minutes from UCLA, Century City and Beverly Hills.
Hamid Soroudi of Charles Dunn Company represented the buyer Los Angeles-based Acorn II Partners, L.P. Ramin Gheitanchi of Charles Dunn Company represented the seller, Heyat, LLC also from Los Angeles. The property sold at a cap rate of 5.3 percent.
Built in 1963, the property totals just under 20,000 square feet and was 95 percent occupied at the close of escrow. The building includes gated parking, a lobby, an elevator and units with balconies and dishwashers. The majority of the units have been renovated with hardwood floors, new bathroom vanities, tiles and fixtures. The apartment community includes large one-, two- and three-bedroom units ranging in size from 900 square feet to 1,300 square feet.
“This buyer was seeking a multi-residential property located in the Westside and contacted the Charles Dunn Soroudi Group as we specialize in the Westside submarket,” said Soroudi. After a short search, we identified the right property for the buyer and negotiated a reasonable price and terms.
Soroudi added that escrow closed within 60 days. The west Los Angeles multi-residential market currently has a vacancy rate of approximately 3 percent.
Soroudi and Gheitanchi are members of Charles Dunn Company’s The Soroudi Group. The Soroudi Group is the most successful and active group of brokers involved in selling and exchanging of prime Westside Properties. Their marketing program delivers sold properties at more than 98.5 percent of the list prices within a compressed marketing period.
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
