The sellers, Michael Santuci and Scott Holmes of Brea, were represented by Jay Skenderian and Grant Hahn of Morgan Skenderian Investment Real Estate Group. Both brokers are based in the firm's Newport Beach office. Dave Abu of Coastline Realty acted on behalf of the buyer, Chuck Prescott of Huntington Beach.
Local investors have been busy snatching up both smaller properties, such as the 21st Street Apartments, and larger complexes, such as the 512-unit San Tropez Apartments. The Palm Desert complex was recently acquired by Newport Beach-based JH Real Estate Partners. An imbalance between supply and demand is expected to keep the multifamily sector thriving in the upcoming year, according to industry experts. Demand continues to outstrip supply, as owners are pulling money out of their properties by refinancing rather than selling. Values may still rise in 2002, due to the drop in interest rates, say some experts.
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