LOS ANGELES – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $1,675,000 sale of a fully occupied, six-unit multifamily property located at 1963 17th St. near the major cross street of Pico Blvd. in Santa Monica, Calif.
Kimberly Roberts Stepp, senior managing director with Charles Dunn Company, represented the seller, a private investor from Los Angeles, as well as the buyer, an investor from Asia. The transaction closed at a 4.5 percent cap rate.
Built in 1959, the property includes six two-bedroom/two-bathroom units with hardwood floors, and custom finishes. The building is near Santa Monica City College and the new Metro line.
“Over the last six months, the Santa Monica multifamily investment market has been heating up due to increasing rental rates, low vacancies/inventory, and historically low interest rates. The combination of these factors have resulted in higher sale prices,” said Stepp.
Stepp also observed that despite the residential demand for housing, new apartment construction in Santa Monica is at historical lows.
“I believe that multifamily property pricing in Santa Monica will continue to increase provided that interest rates stay at or close to what they are now. Once the much-anticipated Santa Monica Light Rail main terminal opens in 2015, occupancy in the city is expected to increase by about 12 percent,” commented Stepp.
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, 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