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LOS ANGELES-A locally based buyer has acquired a 32-unit apartment complex from a Los Angeles seller for more than $1.4 million in a deal that closed within a week after the property went onto the market, according to the Charles Dunn Co.

Al Shilton and Bradley Anderson of Charles Dunn Co.’s West Los Angeles office represented the buyer and the seller, both private investors. The Dunn brokers say the four-story building at 739 S. Normandie Ave. was 97% occupied at the time of sale, which closed at a cap rate of 5.93%. The property comprises of 24 singles and eight one- bedroom, one-bath apartments.

Anderson says the seller was attracted by the property’s excellent condition and the architectural appeal of the structural brick apartment building, which is relatively rare in Los Angeles, where many if not most apartments are built of wood frame and stucco. Anderson says the buyer plans to add value to the asset by upgrading it to attract young professionals, graduate students and others who work at nearby Wilshire Center businesses and attend the two local law schools, Loyola Law School and Southwestern School of Law.

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