Los Angeles--Michel Hibbert of Charles Dunn Company negotiated a $1.9 million sale of a 19-unit apartment complex in Los Angeles.
Los Angeles–Michel Hibbert of Charles Dunn Company has negotiated a $1.9 million sale of a 19-unit apartment complex located at 943 Elden Ave. in Los Angeles.
Leman Management Group LLC purchased the 14,712-square-foot property from Citibank in an REO sale. The sale closed in 30 days under a non-contingent contract.
Leman Management Group, LLC, which owns and operates properties, took advantage of the property’s discounted cost and plans to upgrade the complex and keep as a long-term investment. The apartments, built in 1986, are 90 percent occupied.
Hibbert represented Leman Management Group, the buyer, and Grubb & Ellis represented the seller, Citibank.