– Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the sales of two, recently renovated vacant West Los Angeles multifamily properties known as Saltair Arms and Brockton Regency. Paul Kenworthy represented the single seller of the assets, Dr. Patrick Shoon Shiong, as well as the family trust buyers in the transactions. Both sales garnered record-high pricing for the West Los Angeles area at approximately $406,000 per unit and at cap rates of just under 4 percent.
“Both of thesewere sold for top dollar due to their high quality and prime location,” said Kenworthy, senior managing director with Charles Dunn Company. “The seller had recently completed a total renovation of the properties at a cost of more than $30,000 per unit, making the assets attractive to investors looking for turnkey property.”
Kenworthy added that all the units were fully furnished from forks and knives to beds, sofas, art work, coffee tables, kitchen /dining room set up, and TVs, making the properties a unique offering to potential tenants.
Saltair Arms was built in 1987 and is located near Wilshire and Bundy at 1250 Saltair Avenue. The property totals nine units and was sold for $3.6 million to an all-cash buyer, Rios Family Trust. The unit mix includes three, two-bedroom/two-bathroom units; three, one-bedroom/one bathroom units plus a loft; and three, one-bedroom/one-bathroom units.
Brockton Regency was built in 1986 and is located at 1251 Brockton Avenue and is also located near Wilshire and Bundy. The property totals eight units and was sold for $3.3 million to an all-cash buyer, Gleitman Family Trust.
Kenworthy has more than 25 years of experience in multifamily for the West Los Angeles/Brentwood/Westwood area, giving him street-level market knowledge as well as an ongoing understanding of all currentand redevelopment projects in the area. He also utilizes his thorough investor database that includes the key players in the marketplace.
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, www.charlesdunn.comand 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.