Multifamily, retail deals surpass $10M

Developer plans to redevelop 2 sites into condos

Charles Dunn Co. negotiated the sale of two apartment complexes in California and completed a 1031 exchange for two retail properties in Florida and Oklahoma. The total value of the transactions was approximately $10.4 million. The first transactions were on behalf of two Los Angeles-area apartment building owners, who sold their properties to a local land developer, Amoroso Cos. The properties, located at 11260 Missouri Ave. and 1921 Beloit Ave., sold for approximately $3.7 million and $3.5 million, respectively. Amoroso Cos. plans to tear down the apartment buildings by next summer and replace them with 63 condos in a four-story structure to be completed by winter 2008. With two- and three-bedroom floor plans averaging 1,500 square feet, these condos will more than double the occupancy of the previous apartment buildings. Charles Dunn also represented Matlin Trust in the completion of a 1031 exchange to purchase a 7,860-square-foot retail property located at 8500 Argyle Forest Bl...