PRESS RELEASE: Charles Dunn Company Completes Sale of 22-Unit Multifamily Property in Santa Monica, California; Sale Marks Record-Breaking Low Cap Rate of 3.1%

LOS ANGELES – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed sale of a fully occupied, 22-unit multifamily property located at 316 San Vicente Blvd. in Santa Monica, Calif. The property was sold at a cap rate of 3.1 percent, which is the lowest cap rate for a multifamily property sold in 2013 in Santa Monica, according to Costar records.

Kimberly Roberts Stepp, senior managing director with Charles Dunn Company, represented the seller, Herzog Family Trust, as well as the buyer, 316 San Vicente, LLC.

Built in 1955, the property includes subterranean parking and a pool as well as hardwood floors and dishwashers in all the units. It is also just three blocks from the ocean and is situated on prestigious San Vicente Blvd.

“This property garnered multiple offers over its short listing period,” said Stepp. “The location and building quality offered the buyer a strong, long-term investment as well as the opportunity for appreciation in the coming years.”

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