Michel Hibbert in Charles Dunn's West Los Angeles office represented the buyer, who was in a 1031 Exchange. The seller's broker was Sharon Green of Norma Lee Realty.
The Ramsgate complex consists of a single building of two-story, wood frame and stucco construction. The building, which was constructed in 1991, was 100% occupied at the time of the sale. Its 17 units include five one-bedroom, one-bath apartments and 12 two-bedroom, two-bath units.
The one-bedroom units measure 700 sf and the two-bedrooms are 1,000 sf. Monthly rents range from $925 to $1,050 for the one-bedroom units and $1,045 to $1,450 for the two-bedrooms. The seller was the original developer of the property and had owned it ever since its completion.
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