LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $4.2 million sale of Churchill Apartments, a 16-unit multifamily property in Pasadena, Calif.
Senior Managing Director Chuck Dunn with Charles Dunn Company represented the seller, Pasadena based Miller Trust. Senior Managing Director Mike Vara of Charles Dunn Company represented the buyer, a Los Angeles-based private investor. The property sold at a price per unit of $262,500 and a gross rent multiplier of 17.9.
“This is the first time this property sold in 40 years,” said Dunn. “It received considerable investor interest based on its location, turn-key condition of the units and potential for long-term appreciation.”
“The buyer liked Churchill’s Pasadena location which is just down the street from the Hilton Hotel, spacious floor plans and potential to add value over the coming months by updating some of the units and common areas,” said Vara.
Built in 1965 and located at 450 South Los Robles Avenue, the property includes six two-bedroom units, six one-bedroom units and four studios. The units feature a patio or balcony, 16 tuck-under parking spaces with wall storage boxes and a laundry room. The asset is located mid-block on Los Robles Avenue between Del Mar Avenue and California Boulevard.
Earlier this year Chuck Dunn completed the $2.4 million sale of another Pasadena apartment property located at 268 Pleasant Street. Dunn represented both sides of the transaction which included the seller, Miller Trust, as well as the buyer, Bechirian Trust.
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