PRESS RELEASE: Charles Dunn Company Completes $2.4 Million Sale of Multifamily Property in Studio City Submarket of Los Angeles, California

LOS ANGELES – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $2.4 million sale of a fully occupied, 10-unit multifamily property located at 11019 Fruitland Dr. in the Studio City submarket of Los Angeles, Calif.

Kimberly Roberts Stepp, senior managing director with Charles Dunn Company, represented the seller, US Trust, a Bank of America Trustee.   The buyer, a Los Angeles-based private investor was represented by Sapphire Investment Company. The transaction closed at a 4.1 percent cap rate.

“I worked with the seller to perform due diligence and physical inspections prior to opening escrow in order to make the transaction process as smooth as possible,” said Stepp. “The property was competitively priced and generated 28 offers,” said Stepp. “Because of the demand, the property was overbid and sold for $400,000 over the asking price.”

Built in 1985, the property was recently renovated and includes hardwood floors and custom cabinets in all the units. The property has two, two-bedroom/two-bathroom units and eight one-bedroom/one-bathroom units and offers secured entry and ample gated parking.

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.

TAGS: Investment