DEAL OF THE DAY: Six-Unit Rental Building Sells for $1.65M

By Anuradha Kher, Online News EditorLos Angeles–Charles Dunn Co., a partner of GVA Worldwide, recently negotiated the purchase of Le Chateau Ridgeley, a six-unit rental complex located at 624 S. Ridgeley Dr. in Los Angeles, for more than $1.65 million. David Eitches, director of the Multifamily Investment Group of Charles Dunn Co. represented the buyer, 23-25 Hughes LLC and the seller, an independent investor.Built in 1939, this French Normandie style chateau comprises four one-bedroom units and two two-bedroom units.“There is a niche pocket of investors out there that buy sought-after architect style buildings strictly based on their curb appeal, and not its financial reasoning,” says Eitches. “There are even banks out there that are still aggressively lending on these types of buildings. Financially, this building sold at 18 times gross and a sub 4 percent cap rate, which is about 10 percent higher than sales comparables in the immediate area.”