LOS ANGELES, CA – June 6, 2012 – (RealEstateRama) — Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $2,894,000 sale of a nine-unit apartment property located at 3321 Mentone Ave. near the major cross street of National in Los Angeles.
Albert Shilton and Blake Rogers of Charles Dunn Company represented the seller, San Diego-based JM Residential I, L.P. The buyer was a private investor from Los Angeles and was represented by Centennial Real Estate. The property sold at a cap rate of 4.8 percent and a 14.0 gross rent multiplier.
“This transaction set a sales record for the 90034 zip code,” said Rogers. “It garnered the highest gross rent multiplier and lowest cap rate since 2006, as well as the highest price per square foot of $360 since 2001. The quality and unit mix of the asset, along with the lack of inventory contributed to the record breaking price.”
Built in 2005, the property totals 8,036 square feet and was 100 percent occupied at the close of escrow. The building amenities include private rooftop sun decks. The units consist entirely of two-bedroom/2.5-bathroom townhomes.
“The townhome-style offering and the age of the building, along with the freeway-close location were all factors in attracting multiple buyers who saw the long-term value in this multifamily property,” added Shilton.
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