Charles Dunn Company Completes $4.42 Million Sale of an 18-Unit Multifamily Property in Los Angeles
LOS ANGELES, CA – July 6, 2011 – (RealEstateRama) — Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $4.42 million sale of an 18-unit multifamily property that was built in 2004 and is located at 817 Wilcox Ave. in Los Angeles.
Michel Hibbert of Charles Dunn Company represented the Los Angeles-based buyer, 821 Wilcox Avenue, LLC in the transaction. The seller was Encino, Calif.-based 813 Wilcox LLC from Los Angeles who was represented by David Meir of KW Commercial.
“This newer multifamily property offered the buyer an excellent investment with a value-add upside to bring the units up to market rents,” said Hibbert. “The property is located on Wilcox Avenue in the southern section of Hollywood, a neighborhood that has seen extensive re-development which will lead to higher rents and appreciation in the future.”
The unit mix consists of 14 two-bedroom/two-bathroom units with monthly rents ranging from $1,600 to $1,800; two, two-bedroom/two and a half bathroom units with monthly rents ranging from $1,890 to $1,936 and two, two-bedroom/two and a half bathroom townhouse units with monthly rents at $2,200. Features of the property include: central heat and air conditioning, balconies, fireplaces, an elevator, laundry facilities and secured entry and parking.
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
