LOS ANGELES, Calif. – July 23, 2014 – (RealEstateRama) — Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $3.37 million sale of a fully occupied 27-unit multifamily property located at 4305 Gateway Ave. in the Silver Lake submarket of Los Angeles, Calif.
Bryan Glenn, senior director with Charles Dunn Company, represented the buyer, 4305 Gateway, LLC from Los Angeles. The seller, a private investor from Los Angeles, was represented by John Christopher & Esau Tenorio of Coldwell Banker Los Feliz. The closing cap rate was 5.1 percent.
Built in 1971, the property includes 24 one-bedroom units and three studio units. It offers a courtyard, ample parking, and an on-site management office.
“The Silver Lake area is a very hot market for housing as it offers easy access to Hollywood, Echo Park and Downtown Los Angeles,” said Glenn. “The buyer saw value in that as well as the quality of the property and upside in rental rates.”
Glenn added that the buyer plans to implement a capital improvement program to upgrade the building systems, common areas and individual units.
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