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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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