LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service real estate firms in the western United States, has brokered the $6.7 million sale of a 36-unit apartment building in Winnetka, Calif.
Barry Rothstein, managing director with Charles Dunn Company, represented both the seller and buyer in this off-market transaction. The property traded at $181,111 per unit and was acquired by a private, Northern California-based real estate company with an established portfolio of Southern California apartment buildings. Rothstein ensured that the seller, a private investor from Southern California, located and entered into a 1031 exchange immediately after the close of escrow.
“This was a favorable deal for both the buyer and the seller,” said Rothstein. “The seller sold the property to free himself from several decades of apartment ownership and will be able to increase his income through the exchange. Since the property is not subject to Los Angeles rent control, the buyer will be able to renovate the units as tenants move out and increase value.”
Built in 1983, the two-story, garden-style apartment building occupies just under one acre of land and includes subterranean parking, a pool, newly installed solar energy systems, and a mix of large units with big patios and balconies. The asset is well-located in a densely populated area comprised of multifamily, upscale housing, shopping amenities, and is convenient to Pierce College, public transit, and the 101,405, and 118 freeways. The property’s location is further improved by its proximity to Westfield’s newly developed Village at Topanga, a 1.6 million square foot, two-story enclosed shopping center.
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