Charles Dunn Company Completes $4.75 Million Sale of 35-Unit Multifamily Property in Hollywood Area of Los Angeles
LOS ANGELES, CA – April 25, 2011 – (RealEstateRama) — Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $4.75 million sale of Russell Manor, a 35-unit apartment community located at 5333 Russell Ave. in Los Angeles.
Mark Ventre of Charles Dunn Company represented the buyer, Hollywood-based ROM Investments, as well as one-half of the selling interest, a private trust.
Built in 1973, the 3-story property totals 31,779 square feet and is situated on .38 acres. Russell Manor is located near the major cross streets of Western and Hollywood Blvd. The community includes a pool, elevator and gated parking and offers a unit mix of 11 two-bedroom / two-bath and 24 one-bedroom / one-bath apartments.
“This property is well-located near Griffith Park and Los Feliz and offered the buyer, who owns several other nearby apartment properties, a significant upside in rental income,” said Ventre.
Ventre added that the buyer made a non-contingent all-cash offer with a 21-day close of escrow. “The key to getting a deal like this done in today’s climate is to understand the market intimately, and to know who all of the key decision makers are on both sides of the transaction.”
The Hollywood apartment market currently has a vacancy rate that falls around 5 percent as opposed to 2009 where it averaged about 6 percent for communities ranging in size from 20 to 49 units. For communities with 50 units or more, vacancy rates hover around 7.2 percent, down from 2009 rates of 15.2 percent according to Costar and MLS.
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
