For the Formosa sale, Kimberly Roberts Stepp, senior managing director with Charles Dunn Company, represented the seller, Los Angeles-based Aquat 9, LLC, as well as the 1031 exchange buyer, a Los Angeles-based private investor. The transaction closed at a 4.8 percent cap rate and sold at full asking price.
Built in 1960, the building includes four, one-bedroom one-bathroom units; two, two-bedroom/one-bathroom units; and four, two-bedroom/two-bathroom units. It offers controlled access and was completely renovated in 2013 with high-quality upgrades to all the units.
For the Vista sale, Stepp represented the seller, Los Angeles-based Jambax, LLC. The buyer was a private investor from Los Angeles who was represented by Diana F. Tiao of The Collective Realty. The transaction closed at a record low 2.9 percent cap rate.
Built in 1930, the two-building property includes a three-bedroom/two-bathroom front unit; and four one-bedroom/one-bathroom units.
“We received multiple offers on both properties and selected all-cash buyers, closing escrow in less than 30 days,” said Stepp. “The West Hollywood market for rental properties is one of the best locations for multifamily property investment in California as there are limited availabilities, strong demand, and high barriers to entry for these opportunities.”
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 21 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