Charles Dunn Company has completed the $2.7 million sale of a fully occupied, eight-unit multifamily property located at 1937 Pelham Avenue in West Los Angeles.
Ramin Gheitanchi of Charles Dunn Company, who specializes in listing and selling multifamily properties in the prime Westside market, represented the buyer, Chateau Pelham LLC, as well as the seller, 1937 Pelham LLC. The closing cap rate was 4.2 percent.
Built in 1961, the fully renovated property consists of four one-bedroom units and four two-bedroom units.
Gheitanchi said the well-located asset was near Santa Monica Blvd. and is within the Westwood sub-market.
“The buyer owns other multifamily properties in the area and wanted to expand his portfolio,” Gheitanchi said. “With such a low turnover of apartment buildings in the prime Westside market, this was a rare opportunity for the buyer to acquire a luxuriously renovated turnkey property that will appreciate in value as rents continue to rise in the local area.”
