LOS ANGELES, CA – November 15, 2011 – (RealEstateRama) — Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the sale of a 50-unit multifamily property located at 123 California Ave. in Santa Monica. Kimberly Roberts Stepp of Charles Dunn Company who is out of the firm’s West Los Angeles office procured the seller, Petrikas Family Limited Partnership from Riverside, Calif. Hamid Soroudi, also from Charles Dunn Company’s West Los Angeles office represented the buyer, Xenon Investments from Los Angeles, Calif. The property closed at just above a 4 percent cap rate.
“The property was sold at 100 percent of the asking price,” said Roberts Stepp. “Under very unfortunate circumstances, the seller was in an airplane accident and passed away during escrow. I worked with the heirs to complete the sale and secured a 1031 exchange for them at a higher cap rate with the acquisition of a NNN single tenant retail property.”
Built in 1959, the multifamily property is located in Santa Monica on California Ave. near Ocean Ave. The property has controlled access, courtyard, subterranean parking, and a pool.
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