In The News
December 2011
CHARLES DUNN COMPANY EXPANDS TENANT REPRESENTATION BROKERAGE SERVICES AND HIRES NEW TEAM; ROGER BECK AND GELENA SKYA
In a strategic move to expand its tenant representation brokerage services, Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, is proud to announce it has named 23-year industry veteran Roger Beck as senior managing director and Gelena Skya as director out of the firm's Sherman Oaks Office. The Beck/Skya team previously served as senior vice president and senior associate, respectively, at Grubb & Ellis. They will focus on tenant rep services throughout the Westside, northern LA and Ventura County with a specialization in entertainment and technology clients.
"Growth of tenant rep services is a goal for Charles Dunn Company as it allows us to expand in a market that is gaining some critical momentum," said Chris Cooper, CEO of Charles Dunn Company. "Roger and Gelena have a successful track record throughout the Los Angeles region and have completed major office transactions with some of the area's most prominent businesses."
Cooper added that Charles Dunn Company will continue an aggressive recruiting campaign in 2012 as it seeks to increase its transactional volume in all property sectors for its brokerage and property management divisions.
Beck has completed in excess of $100 million in brokerage transactions and more than $500 million of commercial development projects over his career. Prior to his position at Grubb & Ellis, he served as vice president at Colliers International and vice president at DLB Associates, a construction management and architecture firm. With an extensive background in space planning and design, Beck has been able to build his reputation with clients for being successful in fast-tracking planning solutions and budgets in order to move projects forward. He holds an SIOR accreditation and a Bachelor degree in Economics/Finance from University of California, San Diego (UCSD).
Skya brings six years of commercial real estate experience with her to Charles Dunn Company. She is an office market expert in the San Fernando Valley and offers extensive research and business skills in conjunction with a strong background in sales. Skya has a dual degree from UCSD in Communications and Urban Planning and a minor in Economics.
"This team is a strong complement to Charles Dunn Company's Sherman Oaks office," said Stacy Vierheilig-Fraser, senior managing director with Charles Dunn Company who heads the office. "The expansion of our current tenant rep activity, combined with our success in investment sales and landlord representation will continue to increase cross-over opportunities as we grow our services in the market."
The Beck/Skya team has completed numerous notable transactions, including securing major office leases for Zindagi Games (corporate headquarters/development facility), USA TV (production and broadcast studios), American Humane, various projects for Humana, LA County of Education, and various law firms, among others.
"Gelena and I saw Charles Dunn Company as a natural transition for our team," said Beck. "The firm's exceptional regional footprint and entrepreneurial culture provides us with an ideal platform that will allow us to leverage our contacts and relationships we have built over the years and continue to add new ones as well."
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November 2011
CHARLES DUNN COMPANY COMPLETES SALE OF A 50-UNIT TROPHY MULTIFAMILY PROPERTY IN SANTA MONICA
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-unit multifamily property located at 123 California Ave. in Santa Monica. Kimberly Roberts Stepp of Charles Dunn Company who is out of the firm’s West Los Angeles office procured the seller, Petrikas Family Limited Partnership from Riverside, Calif. Hamid Soroudi, also from Charles Dunn Company’s West Los Angeles office represented the buyer, Xenon Investments from Los Angeles, Calif. The property closed at just above a 4 percent cap rate.
“The property was sold at 100 percent of the asking price,” said Roberts Stepp. “Under very unfortunate circumstances, the seller was in an airplane accident and passed away during escrow. I worked with the heirs to complete the sale and secured a 1031 exchange for them at a higher cap rate with the acquisition of a NNN single tenant retail property.”
Built in 1959, the multifamily property is located in Santa Monica on California Ave. near Ocean Ave. The property has controlled access, courtyard, subterranean parking, and a pool.
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September 2011
CHARLES DUNN COMPLETES $9 MILLION SALE OF AN AFFORDABLE HOUSING CONVERSION PROPERTY WITHIN CHINATOWN AREA OF LOS ANGELES
Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $9 million sale of a stalled two-building, 152,127 square foot affordable housing conversion project located at 808 S. Spring Street in Los Angeles. The project, called Chinatown Metro Apartments, which is adjacent to Chinatown and a Metro Rail station, will be converted into affordable housing units under the City of Los Angeles' Adaptive Reuse Ordinance.
Albert Shilton of Charles Dunn Company represented the buyer, Meta Housing, Inc., a developer of affordable housing projects, who plans to complete the conversion of a former office property to 123 affordable housing units. KOR Group sold the property as a short sale through the lender, Bank of America.
Meta will start work on completing the project by the end of the year and anticipates opening Chinatown Metro Apartments in early 2013.
Charles Dunn Company has been an integral part of the transactional side of the project since 2004 when John Anthony of Charles Dunn Company listed the building and Albert Shilton represented the buyer, KOR Group, who intended to convert the building under the City's Adaptive Reuse Ordinance into live/work lofts.
Beginning in 2004, the building underwent a complete interior demolishment. KOR conducted a million dollar lead and asbestos abatement. Due to parking issues and a turn in the market, KOR decided to sell the property in 2008.
"Meta Housing proceeded to secure financing for the project, but due to state budget cuts was not able to secure funding through tax credits, LAHD the CRA and other sources," said Shilton. "It took 2 1/2 years to pull the funds together. However, during the term of the escrow KOR and its equity partner where overloaded by carrying costs. Eventually, KOR's lender, Bank of America worked to conduct a short sale which closed mid-September."
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CHARLES DUNN HAS COMPLETED THE $5.45 MILLION SALE OF THE KESTER HOUSE
Paul A. Kenworthy, CCIM, senior managing director with Charles Dunn Company, represented the buyer, Los Angeles -based Lever Apartments LP. The seller, a private investor from Los Angeles, represented itself. The closing cap rate was 5.4 percent.
According to Kenworthy, since the close of escrow early this month, the buyer has increased the rents by over 10 percent and has been offered over $200,000 per unit from other investors, although the buyer has no plans to flip the property.
"The well-maintained, well-located property offered the buyer the opportunity to add value by bringing the rents up to market rates," said Kenworthy. "The local investor plans to keep the property long-term, as it offers promising year-over year-returns and value appreciation," said Kenworthy.
The unit mix consists of 16 one-bedroom/one-bathroom units, 12 two-bedroom/two-bathroom units and one three-bedroom/two-bathroom unit with monthly rents ranging from $1,100 to $ 1,800. Features of the non-rent controlled, two-story controlled access property include: fireplaces, patios/balconies, central air and heating, a central courtyard with a Jacuzzi and a barbeque area, and gated on-grade parking. The Kester House offers convenient access to shopping and dining amenities and is near the 101 and 405 freeways.
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August 2011
CHARLES DUNN COMPANY COMPLETES $7.95 MILLION SALE OF A SINGLE TENANT RETAIL PROPERTY OCCUPIED BY CVS PHARMACY IN VICTORVILLE, CALIFORNIA
Charles Dunn Company has completed the $7.95 million sale of a single tenant NNN-leased property occupied by CVS Pharmacy. The building totals 12,900 square feet and is located at 14426 Palmdale Road in Victorville, Calif.
Hamid Soroudi and Kimberly Roberts Stepp of Charles Dunn Company represented the Southern California-based buyer, 14426 Palmdale Road, LLC in the transaction. The seller was a developer from Los Angeles, NMC El Evado, LLC, and was represented by Nick Coo of Faris Lee Investments. The closing cap rate was $6.5 percent.
"This NNN-leased, single-tenant property offered the buyer a secured cash flow investment with a well-performing tenant that has a long term lease," said Soroudi. "The buyer had sold a multifamily property at low 4 percent cap rate and was happy to acquire a 6.5 percent cap rate replacement property with no management involvement."
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CHARLES DUNN COMPANY COMPLETES $4.22 MILLION SALE OF AN 18-UNIT MULTIFAMILY PROPERTY IN LOS ANGELES
Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $4.22 million sale of an 18-unit multifamily property that was built in 2002 and is located at 821 Wilcox Ave. in Los Angeles.
Michel Hibbert of Charles Dunn Company represented the Los Angeles-based buyer, 821 Wilcox Avenue, LLC in the transaction. The seller was Sherman Oaks, Calif.-based 821 Wilcox LLC who was represented by David Meir of KW Commercial. Earlier this month, Hibbert sold the sister property (813 Wilcox Ave) located next door and purchased by the same buyer.
"The southern section of Hollywood is a great location for multifamily property as rents are continuing to climb as vacancies decline," said Hibbert. "The Wilcox neighborhood has seen extensive re-development over the past year or so, which provides an investor to opportunity to purchase now in an improving locale."
The unit mix consists of 14 two-bedroom/two-bathroom units with monthly rents ranging from $1,600 to $1,800; two, two-bedroom/two and a half bathroom units with monthly rents ranging from $1,890 to $1,936 and two, two-bedroom/two and a half bathroom townhouse units with monthly rents at $2,200. Features of the property include: central heat and air conditioning, balconies, fireplaces, an elevator, laundry facilities and secured entry and parking.
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July 2011
CHARLES DUNN COMPLETES 21,062 SQUARE FOOT OFFICE LEASE VALUED AT $2 MILLION WITH APAIT IN LOS ANGELES
Charles Dunn Company has completed a five-year, 21,062 square foot lease valued at over $2 million with Asian Pacific AIDS Intervention Team. APAIT positively affects the quality of life for Asian and Pacific Islanders living with or at-risk for HIV/AIDS by providing a continuum of prevention, health and social services, community leadership and advocacy to the Southern California region. The property is located at 1730 W. Olympic Blvd. near the major cross street of Union Avenue, adjacent to Downtown Los Angeles.
Chris Runyen of Charles Dunn Company represented the tenant, APAIT. John Anthony of Charles Dunn Company represented the owner, Denley Investments.
According to Runyen, APAIT is expanding out of its space in Downtown Los Angeles. In its new space it is adding a full-service medical clinic and pharmacy to serve the local community. APAIT just moved into its new space this month. The 88,000 square foot building offers abundant parking and easy freeway access to the 5, 10, 101 and 110 freeways.
“This leasing situation was a great fit for both the tenant and the landlord,” said Runyen. “Both parties wanted to preserve the improvements that were recently constructed for the previous medical tenant, which provided mutually beneficial lease terms for each.”
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CHARLES DUNN COMPANY COMPLETES $4.42 MILLION SALE OF AN 18-UNIT MULTIFAMILY PROPERTY IN LOS ANGELES
Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $4.42 million sale of an 18-unit multifamily property that was built in 2004 and is located at 817 Wilcox Ave. in Los Angeles.
Michel Hibbert of Charles Dunn Company represented the Los Angeles-based buyer, 821 Wilcox Avenue, LLC in the transaction. The seller was Encino, Calif.-based 813 Wilcox LLC from Los Angeles who was represented by David Meir of KW Commercial.
“This newer multifamily property offered the buyer an excellent investment with a value-add upside to bring the units up to market rents,” said Hibbert. “The property is located on Wilcox Avenue in the southern section of Hollywood, a neighborhood that has seen extensive re-development which will lead to higher rents and appreciation in the future.”
The unit mix consists of 14 two-bedroom/two-bathroom units with monthly rents ranging from $1,600 to $1,800; two, two-bedroom/two and a half bathroom units with monthly rents ranging from $1,890 to $1,936 and two, two-bedroom/two and a half bathroom townhouse units with monthly rents at $2,200. Features of the property include: central heat and air conditioning, balconies, fireplaces, an elevator, laundry facilities and secured entry and parking.
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June 2011
CHARLES DUNN COMPANY'S CHARLIE'S CLUB FEATURED IN BISNOW'S LA E-NEWSLETTER
CHARLES DUNN COMPANY COMPLETES $2,475,000 SALE OF AN OFFICE PROPERTY IN BEVERLY HILLS
Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $2,475,000 sale of a 5,550 square foot office building located at 417 S. Beverly Dr. in Beverly Hills, Calif.
Michel Hibbert of Charles Dunn Company represented the Los Angeles-based seller, One A, LLC in the transaction. The buyer was GDSB&M, LLC from Los Angeles who was represented by Willa McNamara-Fields of Beitler Commercial Realty Services.
According the Hibbert, the owner/user will occupy a large portion of its new office building along with an existing tenant, Sylvan Learning Center who is leasing about half of the building. The buyer, a literary talent agency will be adding to its current space which is adjacent to the new property.
The property is well located near Olympic Blvd. and is just south of the Beverly Hills Golden Triangle area.
"The property garnered a high price per square foot of $445," said Hibbert. "South Beverly Drive is an excellent street and location in Beverly Hills."
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CHARLES DUNN COMPANY SELECTED TO MARKET NATIONAL CITY TOWER, A 12-STORY HISTORIC RESIDENTIAL/RETAIL PROPERTY IN DOWNTOWN LOS ANGELES
Adaptive reuse property originally constructed in 1924 is offered at $32.75 million and is former headquarters of National City Bank
Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has been selected to market National City Tower, an historic adaptive reuse development that includes 93 residential lofts that are approximately 95 percent occupied, as well as ground floor and basement retail space. The 12-story, 118,162 square foot property is being offered at $32.75 million.
Janet Neman and Bryan Glenn of Charles Dunn Company are the exclusive brokers to market the property on behalf of the seller, Los Angeles-based National City Towers, LLC. Neman and Glenn were chosen to market the property based on their strong track record of marketing residential properties in the Downtown Los Angeles market.
"National City Tower is truly a trophy asset and presents a buyer with a rare opportunity to own a stabilized and meticulously renovated historic property in the heart of Downtown," said Neman. "Downtown LA has nowhere to go but up as the revitalization of the area and investment capital heats up and flows into the area. This is a perfect time to invest in Downtown."
Located in the heart of the Historic Financial District at 810 South Spring Street, this former headquarters of National City Bank of Los Angeles was originally constructed in 1924 in the Beaux Arts style. In 2008, it was redeveloped and elegantly transformed into one of Downtown's finest in luxury living loft developments. National City Tower includes 93 residential spaces with a unit mix of 12 studios, 61 one-bedroom units, 16 two-bedroom units, two, two-bedroom penthouses and two three-bedroom penthouses. Unit sizes range from approximately 617 square feet to the largest two-story, penthouse unit of approximately 1,884 square feet. The open floor plans offer maximum flexibility in design and arrangement to the resident. Units are characterized by their high ceilings, gourmet kitchens, dramatic views, polished concrete floors, and elegant, modern finishes. Abundant windows create unparalleled light throughout the units and give way to exquisite unobstructed views of the Downtown Los Angeles skyline. The property features attractive amenities that include a rooftop garden, spa and barbeque surrounded by city views, as well as a fitness and media room.
The Downtown Los Angeles multifamily market has seen a strong surge in demand over the past couple of years and is currently one of the priciest Los Angeles neighborhoods in which to rent, with monthly rates at an average of $1,756 according to commercial real estate research firm REIS. Vacancy in Downtown apartments showed signs of improvement at the end of 2010. Downtown Los Angeles ended the year with 11.1 percent vacancy compared to 11.6 vacancy in the 3rd quarter 2010, and 12.1 percent in the 2nd quarter 2010.
"In a quickly growing residential neighborhood like Downtown with many residential projects recently completed, vacancy numbers are not always reliable because new products are consistently coming onto the market, temporarily boosting vacancy," said Glenn. "This is all part of the renaissance of the area right now."
Glenn adds that National City Tower continues to boast a single digit vacancy. "The property's key location, quality construction and proactive property management are all contributors to its success over the past three years."
Adding to the attractiveness of the investment, National City Tower is a property that benefits from The Mills Act Historical Property Contract Program allowing qualifying owners to receive a potential property tax reduction and use the savings to help rehabilitate, restore and maintain the building.
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CHARLES DUNN COMPANY COMPLETES 26,336 SQUARE FOOT OFFICE LEASE VALUED AT $8 MILLION WITH CALIFORNIA COMMUNITY FOUNDATION IN DOWNTOWN LOS ANGELES
Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed a 10-year, 26,336 square foot office lease valued at $8 million with California Community Foundation (CCF) and U.S. Bank.
Chris Runyen of Charles Dunn Company represented both the tenant and the landlord in the transaction.
CCF, a philanthropic organization, relocated and expanded from 17,000 square feet at Union Bank Plaza and leased new expanded space that includes a 7,000 square foot conference center within Figueroa Courtyard. Figueroa Courtyard is a five-building, 271,000 square foot low-rise office project located on four lushly landscaped acres in the only park-like office environment in Downtown Los Angeles. The property features a full-service café, water features and abundant parking, and is located at Third Street and the 110 Freeway.
“CCF leased the former executive offices of California National Bank,” said Runyen. “This created a significant savings for both the tenant and the landlord, since the tenant was able to make use of the existing improvements and high-end finishes and furniture in the space.”
CCF will join other prestigious non-profits currently located at the project, such as One Legacy, Associated Press, MPR and UCLA Extension.
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CHARLES DUNN COMPANY COMPLETES $4.1 MILLION SALE OF 16-UNIT MULTIFAMILY PROPERTY IN WEST LOS ANGELES
Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $4.1 million sale of a 16-unit apartment community located at 1946 Overland Ave. in West Los Angeles near the major cross street of Santa Monica Blvd. situated just minutes from UCLA, Century City and Beverly Hills.
Hamid Soroudi of Charles Dunn Company represented the buyer Los Angeles-based Acorn II Partners, L.P. Ramin Gheitanchi of Charles Dunn Company represented the seller, Heyat, LLC also from Los Angeles. The property sold at a cap rate of 5.3 percent.
Built in 1963, the property totals just under 20,000 square feet and was 95 percent occupied at the close of escrow. The building includes gated parking, a lobby, an elevator and units with balconies and dishwashers. The majority of the units have been renovated with hardwood floors, new bathroom vanities, tiles and fixtures. The apartment community includes large one-, two- and three-bedroom units ranging in size from 900 square feet to 1,300 square feet.
"This buyer was seeking a multi-residential property located in the Westside and contacted the Charles Dunn Soroudi Group as we specialize in the Westside submarket," said Soroudi. After a short search, we identified the right property for the buyer and negotiated a reasonable price and terms.
Soroudi added that escrow closed within 60 days. The west Los Angeles multi-residential market currently has a vacancy rate of approximately 3 percent.
Soroudi and Gheitanchi are members of Charles Dunn Company's The Soroudi Group. The Soroudi Group is the most successful and active group of brokers involved in selling and exchanging of prime Westside Properties. Their marketing program delivers sold properties at more than 98.5 percent of the list prices within a compressed marketing period.
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April 2011
CHARLES DUNN COMPLETES $4.75 MILLION SALE OF 35-UNIT MULTIFAMILY PROPERTY IN HOLLYWOOD AREA OF LOS ANGELES
Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed the $4.75 million sale of Russell Manor, a 35-unit apartment community located at 5333 Russell Ave. in Los Angeles.
Mark Ventre of Charles Dunn Company represented the buyer, Hollywood-based ROM Investments, as well as one-half of the selling interest, a private trust.
Built in 1973, the 3-story property totals 31,779 square feet and is situated on .38 acres. Russell Manor is located near the major cross streets of Western and Hollywood Blvd. The community includes a pool, elevator and gated parking and offers a unit mix of 11 two-bedroom / two-bath and 24 one-bedroom / one-bath apartments.
"This property is well-located near Griffith Park and Los Feliz and offered the buyer, who owns several other nearby apartment properties, a significant upside in rental income," said Ventre.
Ventre added that the buyer made a non-contingent all-cash offer with a 21-day close of escrow. "The key to getting a deal like this done in today's climate is to understand the market intimately, and to know who all of the key decision makers are on both sides of the transaction."
The Hollywood apartment market currently has a vacancy rate that falls around 5 percent as opposed to 2009 where it averaged about 6 percent for communities ranging in size from 20 to 49 units. For communities with 50 units or more, vacancy rates hover around 7.2 percent, down from 2009 rates of 15.2 percent according to Costar and MLS.
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CHARLES DUNN COMPANY HANDLES LEASING AT NEWLY NAMED FIGat7th
CHARLES DUNN BRINGS TWO BUILDINGS TO 100 PERCENT OCCUPIED IN GLENDALE AND BURBANK
Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed five leases totaling 63,000 square feet of space within two major office buildings in the Tri-City office market. The five leases have an aggregate lease value of approximately $10.2 million.
The Charles Dunn Company leasing team of Bill Boyd and Linda Lee completed two leases totaling 33,000 square feet at 2411 West Olive in Burbank, Calif. The six-story building totals 115,000 square feet and is now fully occupied. The team also completed three leases at Galleria Office Tower in Glendale, Calif., bringing the 140,000 square foot class A asset to 100 percent occupied. Adding to the significance of this accomplishment, the properties are the only office buildings totaling more than 100,000 square feet in their markets to be fully occupied.
The Galleria Office Tower is the most successful office tower in the Glendale market which includes 25 buildings in excess of 100,000 square feet. The leases for this property include:
- A new, five-year lease with LegalZoom totaling 5,000 square feet. The company will use its new ground floor space as an extension of its nearby headquarters.
- A five-year lease renewal and expansion with Travelers Insurance totaling 19,000 square feet. Travelers expanded its space within the building by an additional 3,000 square feet.
- A seven-year lease renewal with law firm, Baker, Olson, LeCroy & Danielian, totaling 6,000 square feet.
The Glendale office market, which totals 6.3 million square feet, currently has a 23.6 percent vacancy rate. That translates into approximately 1.5 million square feet of vacant space.
Given the high market vacancy rate, the competition to renew existing office tenants, as well as attract new tenants, is extremely fierce," said Lee. "The Galleria Office Tower is a well located, high-profile building that has a longstanding reputation for being well managed. The building ownership appreciates the necessity for being sensitive to market terms and competition which makes the leasing effort even more successful."
Located at 100 West Broadway in the City of Glendale, Galleria Office Tower was built in 1983 and was part of the second phase of the Glendale Galleria mall's expansion. The office tower, which is contiguous with Glendale Galleria, offers tenants autonomy from the mall as it provides them with separate elevators and private ground floor parking with direct access to offices. Tenants simultaneously enjoy the convenience of and easy access to the mall's retail amenities which include 150 restaurants and stores. The Galleria Office Tower is one-half block from Brand and Broadway – the heart of the city – and offers nearby access to the 5, 134 and 2 freeways. Adding to the mall's dining options, there are another 50 restaurants within a two-block radius.
The Glendale submarket is part of the larger Tri-City market that is inclusive of Glendale, Burbank and Pasadena. This market consists of a total of 19.5 million square feet of office space with a current vacancy rate of 19.7 percent.
The Boyd and Lee team of the Charles Dunn Company has been responsible for in excess of five million square feet of office leasing in the Tri-City area.
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February 2011
CHARLES DUNN COMPANY NEGOTIATES
MULTIFAMILY SALE TRANSACTION
Albert Shilton and Blake Rogers of Charles Dunn Company’s West Los Angeles office closed a note sale of a 35-unit multifamily property located at 4620 Coliseum St. in Los Angeles, Calif. The 29,718-square-foot apartment building was built in 1954 and is 83 percent leased. The transaction value is undisclosed.
“There were more than 400 code violations on the property at the time of sale,” explained Shilton. “Along with the note, the buyer received a deed in lieu of foreclosure in a simultaneous transaction.”
Shilton and Rogers represented both the buyer, 4620 Coliseum St., LLC, and the seller, Pacific Premier Bank. The transaction was the second note sale with the same lender and buyer.
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CHARLES DUNN COMPANY CLOSES $1.2 MILLION MULTIFAMILY SALE
Bryan Glenn of Charles Dunn Company’s West Los Angeles office has closed the sale of a 24-unit multifamily property located at 916 S. Lake St. in Los Angeles, Calif. The value of the transaction is $1.2 million.
The 10,712-square-foot apartment complex was purchased and sold by private investors. Glenn represented the seller and Connie Kim of Coldwell Banker Commercial represented the buyer. The building was constructed in 1923 and is currently 92% leased.
According to Glenn, the seller was looking to reduce management responsibilities while the buyer found the low gross rent multiplier and attractive cash flow greatly appealing. The buyer plans to hold the property for future investment.
“This is one of a handful of older properties that has traded in this submarket recently based on an attractive price per unit and strong cash flow,” Glenn said.
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January 2011
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