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LOS ANGELES, Calif. December 22, 2011 – Kimberly Roberts Stepp, managing director with Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has completed three multifamily property sales totaling $4.46 million within Los Angeles’ Westside submarket.

“The Westside multifamily market continues to be sought after by investors and is seeing low cap rates in the four and five percent ranges,” said Stepp. “All three of these properties were fully occupied and vacancy rates in the submarket are around 2 percent, providing further testimony that the rental market here is thriving.”

Stepp represented both sides on each of the three transactions. Following are details on the sales:

• A 6-unit property located at 1243 Berkeley Street in Santa Monica just south of Wilshire was sold for $1,562,000. All the units are over 1,300 square feet and include two bedrooms and two bathrooms which offer balconies or patios. The seller was Baumgarten Trust and the buyer was TS Property Management, LLC. The closing cap rate was 5 percent. According to Stepp, escrow closed in just 45 days and the property represented a 36 percent upside in rents.
• A five-unit property located at 8351 W. Manchester Ave. in Playa del Rey near the ocean was sold for $1.2 million. It includes a three-bedroom unit; two, two-bedroom units; and two, one-bedroom units. The seller was Edith Tirany and the 1031 Exchange buyer was Nikbin Investments. The closing cap rate was 5.5 percent. The transaction closed in just under 60 days.
• A 6-unit property located at 1108 19th Street in Santa Monica just north of Wilshire was sold for $1.7 million. It includes a three-bedroom front house and the rest are two-bedroom units. The seller was Mizrahi Trust and the buyer was Shaffid, Inc. The closing cap rate was 4.2 percent. Stepp identified a buyer in just one day and escrow closed in 14 days.

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 20 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

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