LOS ANGELES – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the sale of a 50 percent interest in a 32-unit multifamily property located at 1210 Venice Blvd. in the Venice submarket of Los Angeles. The interest in the property was purchased for $3.5 million.
Michel Hibbert and Dan Johnson of Charles Dunn Company represented the Palos Verdes, Calif.-based seller, Coastal Property, a general partnership, as well as the buyer, Los Angeles-based Mastraili, LLC. The transaction closed at a cap rate of 4.6 percent.
Built in 1988, the five-story property is situated on .28 acres of land and includes 12 one-bedroom/one-bathroom units and 20 two-bedroom/two-bathroom units.
“The seller was motivated to end his 25-year partnership in this property,” said Hibbert. “The property sold for a strong $218,750 per unit and $241 per square foot.”
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