LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $8.1 million sale of a fully occupied 31-unit apartment property located at 6021-6029 Carlton Way in the Hollywood submarket of Los Angeles.
Bryan Glenn, senior director with Charles Dunn Company, represented the buyer, a private Los Angeles-based investment company. The seller, a Los Angeles-based private investor, was represented by Coldwell Banker Commercial. The closing cap rate was 3.5 percent and the price per unit was just over $261,000.
“Hollywood is one of the hottest submarkets in Southern California with a tremendous amount of residential and commercial redevelopment,” said Glenn. “It also benefits from an influx of tenants taking brand new creative office space such as Netflix’s relocation to the Icon building on Sunset Boulevard adjacent to Sunset Bronson Studios. This property is extremely well-positioned to benefit from the continuing growth in Hollywood and the demand for high quality rental housing.”
Glenn added: “The buyer was attracted to the asset’s fantastic Hollywood location and the high level of opportunity to add significant value through renovation and bringing rents to market rates.”
Built in 1963, the property includes two, two-story buildings with a mix of studio, one-, two- and three-bedroom units and includes covered parking and a laundry facility. It is walking distance to Hollywood and Sunset Boulevard, the Hollywood / Vine Red Line Metro, W Hotel, Henry Fonda Theatre, Sunset Bronson Studios, Emerson Arts College, Columbia Square, and other key destinations.
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