LOS ANGELES – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $3.675 million sale of Lancaster Gardens, a 60-unit multifamily property located at 501 E. Lancaster Blvd. in Lancaster, Calif.
Hamid Soroudi, senior managing director, of Charles Dunn Company represented the seller, Melrose/Camerford Partners, LLC from Florida. The buyer was a private party from Los Angeles and was represented by RE/MAX. The property sold at a cap rate of 7.3 percent.
“The property was mismanaged and has a significant vacancy,” said Soroudi. “The buyer intends to stabilize the property through aggressive management and lease up for improved cash flow.”
Built in 1983 and situated on 2.2 acres, Lancaster Gardens is located just east of the 14 Freeway between Kettering and Rodin streets. The complex includes 12 buildings and the units are comprised 24 one-bedroom/one-bathroom units and 36 two-bedroom/one and one-half bathroom units. All of the units offer central air conditioning units and are separately metered for gas and electricity.
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