LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the nearly $2.4 million sale of a fully occupied 12-unit apartment property located at 4351 Normal Ave. in the East Hollywood submarket of Los Angeles.
Bryan Glenn, senior director with Charles Dunn Company, represented the seller, a private Los Angeles-based investment company. The 1031 exchange buyer, a Los Angeles-based private investor, was represented by Nourmand & Associates. The closing cap rate was 5.4 percent and the price per unit was approximately $200,000.
“The East Hollywood neighborhood has been seeing a strong amount of gentrification recently, attracting young Millennials who are seeking updated apartments like this one,” observed Glenn. “This trend allowed the seller to achieve favorable rental rates and therefore he decided to take advantage of the elevated property value created by these rents by selling the asset. We attracted a buyer who liked the great condition of the property and cash flow, and believes growth trends for the area will continue.”
Built in 1918, the renovated property includes four studio units, two one-bedroom units, and six two-bedroom units. It is located in a prime location near the 101 Freeway and is just four blocks from the Red Line Metro station. It also offers easy access to Silver Lake and Koreatown and is walking distance to LA City College, which is undergoing significant campus improvements such as a new and advanced technology learning facility, expanded athletic/fitness, and child development centers.
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, consistently ranked as one of the top regional companies. The firm also manages more than 20 million square feet of office, industrial, retail, residential and mixed-use properties for third party clients. With team members in seven 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