LOS ANGELES – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $1.75 million sale of a fully occupied, eight-unit multifamily property located near the cross street of Venice Boulevard and Washington Place at 12757 Mitchell Ave. in the Mar Vista enclave of Los Angeles.
Michel Hibbert of Charles Dunn Company represented the seller, a private individual from Los Angeles. The 1031 exchange buyer was Los Angeles-based Norman Green Trust who was represented by Manual Galvan of Chris Walker Realty. The transaction closed at a cap rate of 4.2 percent and $292 per square foot, a favorable price for a property built in 1957.
“This transaction was sold for one of the lowest cap rates in the area,” said Hibbert. “The buyer assumed an existing loan with an interest rate of 3.85 percent fixed for four years, then converting to a variable rate for the remaining 25 years. Mar Vista has had and will continue to have strong rental and appreciation growth in the future.”
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.