10-Unit Studio City Property Sells for $2.4M

Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, completed a $2.4 million sale of a fully occupied, 10-unit multifamily property located at 11019 Fruitland Dr. in the Studio City, announced Friday.

Kimberly Roberts Stepp, senior managing director with Charles Dunn Company, represented the seller, US Trust, a Bank of America Trustee. The buyer, a Los Angeles-based private investor, was represented by Sapphire Investment Company, and the transaction closed at a 4.1 percent cap rate.

“I worked with the seller to perform due diligence and physical inspections prior to opening escrow in order to make the transaction process as smooth as possible,” said Stepp. “The property was competitively priced and generated 28 offers. Because of the demand, the property was overbid and sold for $400,000 over the asking price.”