The renovated property sold for almost $400,000 per unit and more than $400 per square foot.
Published By: Multifamily Press
Los Angeles, CA - Dunleer, a Los Angeles-based private real estate investment and development firm, today announced the $2.375 million sale of The Abbott, a fully occupied six-unit apartment property located at 400 N Avenue 54 in the Highland Park neighborhood of Los Angeles. The renovated property sold for almost $400,000 per unit and more than $400 per square foot.
Dunleer acquired The Abbott approximately three and a half years ago. Over that time, the firm executed a complete interior and exterior transformation of the asset. All apartment interiors now feature stone counters, stainless-steel appliances, upgraded flooring and a new washer and dryer, among other numerous upgrades and curated details.
“Highland Park is one of L.A.’s most popular residential neighborhoods. Understanding the demand for quality living options from area renters, our Dunleer team focused on creating a clean and bright aesthetic while integrating the asset’s original details such as built-in shelving and wainscoting,” said BJ Turner, Founder of Dunleer.
Turner admitted that completing an apartment sale during the COVID-19 pandemic brought on some additional transactional challenges. However, based on the turnkey nature and prime location of the asset, the buyer saw long-term value and moved forward with the acquisition.
The Abbott is a short walk to Figueroa Street, Highland Park’s vibrant main retail corridor with a wide array of amenities including coffee shops, boutiques, bars and restaurants. The Abbott is also a few blocks from the Metro Gold Line stop which offers quick access to downtown L.A. and Pasadena.
The buyer was a Los Angeles-based private investor. Han Widjaja Chen and Justin McCardle of Growth Investment Group represented both the buyer and seller in the transaction.