LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $3.13 million sale of an eight-unit apartment property in West Hollywood situated just three blocks from Beverly Hills.
Managing Director Bryan Glenn with Charles Dunn Company represented the seller, a Los Angeles-based corporate trustee. The buyer, a Beverly Hills-based private investor who was in a 1031 exchange was represented by Managing Director Tanel Harunzade with Charles Dunn Company. The property sold at a price per unit of approximately $390,625, and a cap rate of 3.4 percent.
“West Hollywood is one of the most coveted submarkets in Los Angeles for renters, which subsequently creates a strong investor demand,” said Glenn. “We had a number of offers on this well-maintained property and selected an ideal buyer that plans on adding significant value through lease up of one vacant unit and making upgrades to the unit interiors to better match the preferences of area renters.”
Located at 141 N. Swall Drive, the two-story building was built in 1929 and includes four one-bedroom units and four two-bedroom units with recently remodeled kitchens. It also features a lush back patio and original hardwood floors in every unit. The asset is ideally located just south of Beverly Blvd. and west of Robertson Blvd. and is a short walk to an array of retail, entertainment, and restaurant amenities.
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