PRESS RELEASE: Charles Dunn Company Completes $3 Million Transfer of Multifamily Property in Santa Monica, California

LOS ANGELES – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $3 million transfer of a fully occupied, eight-unit multifamily property located at 1343-1346 Ocean Park Blvd. in Santa Monica, Calif.

Kimberly Roberts Stepp, senior managing director with Charles Dunn Company, represented the seller, a private investor from Los Angeles who owned the property for over 40 years, as well as the buyer, also a private investor from Los Angeles. The transaction closed at a 3.2 percent cap rate.

“This was a complex deal structure that required some creative financing,” said Stepp.

Built in the 1940s, the beautifully manicured two-building property includes eight one-bedroom units with eight private garages and includes 24-hour security camera surveillance. The property is ideally located on Ocean Park Blvd. just east of 14th street.

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. The firm also manages more than 21 million square feet of office, industrial, retail, residential and mixed-use properties for third party clients and provides construction management, architecture and design, general contracting and capital markets services. With more than 260 team members in nine 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

 

TAGS: Investment