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 million sale of a 19-unit apartment property in the Hollywood submarket of Los Angeles.
Senior Director Bryan Glenn with Charles Dunn Company represented the seller, a Los Angeles-based private investor. The buyer, a Los Angeles-based private investor was represented by BRC Advisors. The property sold at a price per unit of $210,526 and a cap rate of 3.74 percent.
“This asset generated strong interest and multiple offers due to its prime Hollywood location – properties in this pocket north of Hollywood Boulevard do not trade often,” said Glenn. “Ultimately, we selected the buyer based on the strongest offer and its 1031 exchange requirement. The buyer is planning to reposition and renovate the property in order to meet the demands of area renters and maximize value.”
Built in 1950 and located at 1847 N. Cherokee Avenue, the two-story building includes a mix of studio and one-bedroom units. It features 14 designated parking spaces, secured access, an on-site laundry room, an outdoor area on the second floor, and a camera surveillance system. The property offers a prime Hollywood location just east of Highland Avenue and north of Hollywood Boulevard.
Hollywood’s revitalization has created a vibrant submarket that is one of the most desirable in all of Los Angeles for both renters and investors. With an estimated $4.8 billion invested and announced since 2000, the community has proven to be an unrivaled live, work, and play experience. On any given day, residents of Hollywood have their pick of world class entertainment at venues such as the Hollywood Bowl, delicious meals at restaurants like Sugarfish or a variety of shopping outlets at Hollywood & Highland. Hollywood is also a thriving creative community and robust employment center that includes Capital Records, Neuehouse, Live Nation, Trailer Park, Caviar LA, and Netflix.
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