LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $7.54 million sale of The Avalon, a four-story, 47-unit, non-rent controlled apartment property located in the heart of Koreatown in Los Angeles.
Janet Neman, senior managing director, and Bryan Glenn, senior director, with Charles Dunn Company, represented the seller, Vista Investment Group from Santa Monica, as well as the buyer, Los Angeles-based Trion Properties. The closing cap rate was 4.58 percent.
“This transaction exemplified the strength of current market conditions and investors’ confidence in the multifamily market in Koreatown,” said Neman. “We received a lot of interest and seven offers on this asset. It is rare to find a vintage art-deco property that is exempt from rent control with a value-add component.”
Neman added that the property sold for $45,000 over asking price. At a sale price of $329 per square foot, it is the highest price per square foot ever paid for a brick building in Koreatown according to CoStar records.
Built in 1926 and located at 324 S. Catalina Street, just south of 3rd Street and three blocks west of Vermont Avenue, The Avalon includes 20 studio units, 26 one-bedroom units and one two-bedroom unit. Several of the units were recently renovated to include quartz countertops and new cabinetry, restored original hardwood floors, and stainless steel appliances.
“The buyer plans on renovating the remaining un-renovated units and bringing rents to market rates as they become available,” said Glenn.
Glenn noted: “Koreatown is one of the most exciting and attractive submarkets in Los Angeles. In recent years, its central location, abundant amenities, access to transit and proximity to Downtown Los Angeles and Hollywood have changed the demographics, creating tremendous demand and significant rent growth.”
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