The class B complex, known as Cynthia Circle Apartments, has been acquired by Granite Investment Group. The Irvine-based co-investment group has paid $11.2 million for the property, which consists of 34 buildings. Located at 11050 Cynthia Circle, the 99-unit complex was 95% occupied at the time of sale.
The buyer has achieved a stabilized second year cap rate in excess of 9%, according to David Casper of Grubb & Ellis Co. Casper, along with Grubb & Ellis colleagues Bruce Furniss, Michael Shustak and John Nguyen, represented both Granite Investment and the seller, The Bascom Group of Irvine.
"This transaction worked chiefly because many of last year's two to three year holders have become today's five to seven year holders," Furniss says. "The trend is afoot among investors to migrate from quick-turn type deals to patient mid-to-long term investments."
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