The Duke Family Trust purchased a 12-unit apartment complex at 11422 Iowa Ave. The building, built in 1963, has 7,646 sf. It sold for 9.9 times gross rent which, based on revenues, translates to a 7% capitalization rate. It was 100% occupied at the time of sale, with a 12% upside potential in the existing rents. Paul A. Kenworthy, CCIM in the West Los Angeles Sales Office of Charles Dunn Co. represented the buyer. The seller, Jui Trust, was represented by Chuck Radulovic of Apartment House Specialists.

In a separate transaction, Mr. Kenworthy represented seller Lido Equities Group in the disposition of The Bundy, a seven-unit complex at 1623-1627 South Bundy Dr. that includes five apartment units and one duplex. The building was erected in 1959. It sold for 8.9 times gross rent, which translates to a 7.5%capitalization rate. The building had one vacancy at the time of the transaction, and the rents were slightly below market, according to the broker. The buyer, Yamiko Yamagata, was represented by Eiko Nobel of Coldwell Banker, Brentwood.

Los Angeles' Westside continues to be among the region's best-performing multifamily markets, with low vacancy rates and continued demand both renters and investors, according to the Charles Dunn Co.