harles Dunn Company Completes $7.85 Million Sale of Multifamily Property in Los Angeles, California for Record High Price
LOS ANGELES, Calif. – June 27, 2014 – (RealEstateRama) — Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $7.85 million sale of a 17-unit multifamily property located at 1520-1522 South Hayworth Ave. in the Faircrest Heights neighborhood of Los Angeles, Calif. The property sold for nearly $462,000 per unit, a record high price for the neighborhood (per CoStar for multifamily properties with eight units or more).
Albert Shilton and Blake Rogers of Charles Dunn Company represented the seller, Los Angeles-based SHI Properties, an LLC owned by Oak Coast Properties. The buyer was a Los Angeles-based private investor. This transaction marks the fifth sale for Shilton and Rogers in the 90035 zip code within the past two years, for a total sales volume equating to 22 percent market share.
Built in 1990 and fully renovated in 2013, the non-rent controlled building is situated on .31 acres and includes 15 two-bedroom/two-bathroom townhomes, one two-bedroom/two-bathroom unit, and one one-bedroom/one-bathroom unit. On-site amenities include a new fitness room, a lushly landscaped courtyard, and a gated garage with 35 parking spaces.
“After we sold the building to Oak Coast Properties in 2012, our client completely renovated the common areas and interiors of 15 units,” said Shilton. “Once renovated, the owner increased average in-place rents by 49 percent and stabilized the property, making it an attractive investment for the buyer.”
The property is located one block west of Fairfax Ave. and one block south of Pico Blvd. It benefits from close proximity to CBS Television City, Beverly Center, and The Grove Shopping Center.
“Faircrest Heights has consistently been ranked as one of the top up-and-coming neighborhoods in Los Angeles, and this statement could not be more evident than by this sale,” commented Rogers. “Not only was the rent growth incredible, but the building sold for a price per square foot that was 58 percent more than what it last sold for just 18 months ago. Additionally, this sale represents the highest price per unit ever paid in the 90035 zip code, and the highest price per square foot ever paid for a non-rent controlled building in the same area.” (Per CoStar)
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
