LOS ANGELES, CA – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $3,225,000 sale of an 11-unit apartment property in the Beverly Grove neighborhood of Los Angeles.
Senior Associate Michael Monempour of Charles Dunn Company represented both the seller, the original developer of the property, and the buyer, Bentley Place LLC. The cap rate was 3.6 percent and price per unit was $293,181 ($537 per square foot).
Built in 1954, the 6,000-square-foot property consists of nine one-bedroom/one bath and two studio/one bath units. Six units were vacant at close of escrow. Located at 315 S. Hamel Road, the property is situated in one of the trendiest neighborhoods in Los Angeles, bordering Beverly Hills and West Hollywood close to Burton Way, Third Street, Robertson Boulevard and La Cienega Boulevard.
“This first-time-on-the-market, well-maintained asset offers the buyer a rare, value-add investment opportunity with a 40 percent upside in rents,” said Monempour. “Its outstanding Beverly Grove location is associated with very high demand in the Los Angeles rental market as an extremely desirable, culturally diverse and affluent urban village.”
This is the second property of a three-property apartment portfolio sold by Monempour over the past few weeks.
The asset’s prime location offers walking-distance proximity to numerous dining, shopping and entertainment options, and is within easy access of some of LA’s most popular destinations, including The Beverly Center, Beverly Connection, The Pacific Design Center, The Grove, Sunset Strip, La Cienega’s Restaurant Row, and many more.
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.