TODAY’S DEALS: Charles Dunn Co. Negotiates Sale of 18-Unit Rental Building for $7.3M, and Other Deals

By Anuradha Kher, Online News EditorLos Angeles–The Charles Dunn Co.’s West Los Angeles office has negotiated the $7.3 million sale of an 18-unit luxury apartment building at 1317 S. Westgate Ave. in Los Angeles. The property, located south of Wilshire and north of Santa Monica boulevards, totals an area of 21,656 sq. ft.“The seller was able to achieve a high price for the current market and use the proceeds to buy other development properties,” says Michel Hibbert, who represented the seller, 1060 Sherbourne Associates LP. “It was a record price in today’s market.”The property is currently 100 percent occupied.Arbor Closes Three DUS Loans Totaling $10,042,750 Arbor Commercial Funding LLC recently funded three loans totaling $10,042,750 under the Fannie Mae DUS product line. These loans include:•    Refinance of 124-unit Rockport Oaks/Bayshore Apartments in Rockport/Aransas Pass, Texas for $3,126,650 under the Fannie Mae DUS product line. The seven-year loan amortizes on a 30-year schedule and carries a note rate of 6.05 percent.•    Refinancing of 160-unit Great Oaks Apartments in Lufkin, Texas for $4,650,000 under the Fannie Mae DUS product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.37 percent. •    Refinance of 72-unit Palo Verde Apartments in Colorado Springs, Colo. for $2,266,100 under the Fannie Mae DUS product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.77 percent.King Penguin Properties Adds to Multifamily Housing Portfolio with Purchase of Grosse Pointe PropertyGrosse Pointe, Mich.–King Penguin Properties LLC recently closed on the purchase of another multifamily property located in the city of Grosse Pointe, Mich.”This purchase is in line with our strategy in the Detroit area to purchase properties at distressed prices that will have an immediate positive cash flow that will cover all our operating expenses while we wait for an opportunity for the market to improve,” says Michael Mikelic, president and one of the founding members of King Penguin Properties LLC. “For the time being, we plan to renovate these multifamily units and then lease them to high-quality tenants.”Mikelic acknowledges that for them to wait for an improvement in the Detroit area economy and housing market may take 10 years or more. “We have locked in long-term financing on all these projects at excellent rates. We are well positioned to hold these for the long haul.”