LOS ANGELES, CA - Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $4.25 million sale of a fully occupied, non rent-controlled, 22-unit apartment property situated in East Hollywood at 3933 Marathon Street in Los Angeles.
Bryan Glenn, senior director with Charles Dunn Company, represented the seller, a private Los Angeles-based partnership that was in a 1031 exchange. Glenn also represented the buyer, a private investment group from Los Angeles. The closing cap rate was 3.25 percent and the price per unit was just over $193,000.
“This sale represented the tremendous demand for non rent-controlled multifamily product, coupled with investor confidence in this location. The buyer plans to implement a comprehensive value-add strategy to improve the property and achieve strong market rents,” noted Glenn who also brokered two other apartment transactions in the Hollywood market over the last 30 days.
Glenn added that the property’s location in the Virgil Village neighborhood is becoming a hotspot due to its proximity to Silver Lake, the greater Hollywood area and Koreatown.
Built in 1990, the two-story property includes 12 two-bedroom/two-bathroom units and 10 one-bedroom/one-bathroom units. The garden-style asset offers a subterranean parking garage and two laundry rooms. Its East Hollywood location is very close to Sunset Junction in Silver Lake and features easy access to the 101 Freeway.
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