Charles Dunn Completes $22 Million Sale of 201-Unit Multifamily Property in Panorama City, California
LOS ANGELES, Calif. – June 11, 2014 – (RealEstateRama) — Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $22 million sale of a 201-unit multifamily property located at 9010 Tobias Ave. in Panorama City, Calif.
Hamid Soroudi, senior managing director, of Charles Dunn Company represented the seller, Tobias Partners, LP, a private investor from Los Angeles. The buyer was PJCF-T2, LLC, a Los Angeles-based private investor. The property sold at a cap rate of 5.3 percent and at a per-unit price of $109,543.
Built in 1972 and situated on 2.4 acres, the asset includes 102 one-bedroom/one-bathroom units, 51 studio units, and 48 two-bedroom/two-bathroom units. The four-story property includes two elevators, center courtyard that includes a pool and spa; recreation room and gym; controlled access; and semi-subterranean parking spaces. Many of the units have been recently renovated.
“The Panorama City multifamily market is strong with vacancies currently under 3 percent and no new development underway,” said Soroudi. “The buyer was able to acquire a quality asset and has an upside potential of gaining additional income as rents roll and are brought up to market rates.”
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. 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
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
