LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $3,305,000 sale of an 8-unit apartment property in the Beverly Grove neighborhood of Los Angeles.
Senior Associate Michael Monempour of Charles Dunn Company represented the seller, a Los Angeles-based private investor. The buyer, Los Angeles-based XYZ Rent 11, LLC was represented by Beverly Hills Mint. The property sold at a record low cap rate for the area of 1.99 percent, a price per unit of $413,125 and a price per square foot of $582. Its gross rent multiplier was 25.
Located at 9033 W. 3rd Street, the property is directly across the street from the historic Four Seasons Hotel and is adjacent to Beverly Hills. This is the first time the property has ever been sold since it was developed and acquired in 1956.
“This asset had a considerable amount of investor interest as it is within one of L.A.’s most sought after residential markets that is also experiencing a number of new development projects and influx of capital,” said Monempour. “Additionally, the property offered key value-add components with existing rents well below market rates.”
Built in 1956, the 5,680-square foot property is situated at the signalized corner of Doheny and 3rd Street and consists entirely of spacious one-bedroom units. The property is close to a diverse mix of restaurants, art galleries, shopping centers and grocery stores. This property is part of a three-asset Los Angeles apartment portfolio.
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.