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3/10/20
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A three-property, 32-unit LA-area apartment portfolio traded hands in a $12.18 mil transaction. The assets were sold by locally based Dunleer and were purchased by a SoCal-based investment group.
Dunleer acquired the assets between 2014 and 2017 and immediately embarked on an improvement program, totaling in excess of $2 mil. The strategic renovations included common area enhancements as well as a full remodel to unit interiors including the installation of all new quartz countertops, stainless steel kitchen appliances, in-unit washer/dryers, and new flooring, among other upgrades.
Following are details on each of the sold three properties:
• Pepper Tree Ranch, a 20-unit property located at 4959 Romaine St in the east Hollywood submarket of Los Angeles, was sold for $7.35 mil ($367.5k/unit). In addition to a full remodel of the property, Dunleer commissioned an art installation at the entrance of the property by Punkmetender, a well-known LA street artist.
• Casa Arroyo, an eight-unit property located 368 N Avenue 57 in Highland Park, sold for $3.05 mil ($381.3k/unit). Casa Arroyo is just steps away from Figueroa St, Highland Park’s vibrant main street which offers an eclectic array of coffee shops, boutiques, bars and restaurants. The Avenue 57 Metro stop is about two blocks away as well, offering quick Gold Line access to downtown Los Angeles and Pasadena.
• Mountain View, a four-unit property located at 132 Mountain View Avenue in Echo Park, was sold for $1.78 mil ($445k/unit). This property boasts quick access to downtown Los Angeles, Hollywood and nearby parks and amenities such as Echo Park Lake.
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