Dunleer, a Los Angeles-based private real estate investment and development firm, today announced the $3.31 million sale of The Monroe Apartments & Bungalows, a two-building, eight-unit apartment property located at 4018 Monroe Street in the Silver Lake submarket of Los Angeles. The two-building, 4,900-square-foot property recently underwent a full renovation and sold for a per-unit price of $413,750 and a price per square foot of approximately $676.
Dunleer was represented by Mark Ventre and Darin Beebower of Stepp Commercial. The buyer, procured by the seller, is a private, Southern California-based investment group.
Originally built in 1926, Dunleer completed a major property transformation in 2016 which entailed taking the interior down to the studs and creating new upgraded units, as well as executing a full exterior renovation to include new landscaping, and a backyard lounge and barbeque area with seating. The renovated unit interiors feature new kitchens with stainless-steel appliances, quartz countertops and backsplash, in-unit washers and dryers, new bathrooms, upgraded hardware, open floor plan, and large windows showcasing spectacular city and mountain views of the Hollywood Hills including the landmark Hollywood sign, Griffith Park Observatory.
“Dunleer is pleased to have created an institutional quality asset in the highly coveted Silver Lake submarket,” said BJ Turner, Founder of Dunleer. “Silver Lake has seen significant growth in the last few years—not only is it proximate to Sunset Junction, but Virgil Avenue has really come into its own with popular amenities and some of LA’s most popular food and beverage options such as Sqirl, Melody, and The Virgil, among others.”
Turner added that this completes the final property sale in a total of four Los Angeles-area apartment assets valued at $15.49 million—the first three assets were sold to the buyer in late February. The firm remains bullish on acquiring and adding value to properties throughout Southern California.