LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $3.3 million sale of a 10-unit apartment property in West Hollywood.
Managing Director Ramin Gheitanchi and Senior Associate Michael Monempour with Charles Dunn Company represented the seller, a Los Angeles-based private investor, as well as the buyer, Los Angeles-based Tierra Properties. The property sold at a price per unit of $330,000 and a cap rate of 3.6 percent.
“This property garnered more than five offers over the course of six weeks and was attractive to buyers as it both has a rental upside in upgrading select units and it is not subject to the City of Los Angeles’ soft-story retrofit program,” said Monempour. “We selected a strong buyer who owns many properties in the area and plans a long-term hold.”
Built in 1963, the two-story building is located at 1131 N. Fuller Avenue in a prime West Hollywood location just north of Santa Monica Blvd., south of Fountain Ave., and west of La Brea Ave. It is directly behind Plummer Park and is just steps to Trader Joe’s and Smart & Final and is a short walk to a wide array of retail and dining amenities including Target, Best Buy, and Starbucks Coffee, among others. The property features six one-bedroom units and four two bedroom units, and gated underground parking.
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.