The Twin Palms Apartment Complex, which was completed in 1957, is located at 7440-7458 Magnolia Ave. Consisting of 32 units, it was 95% occupied at the time of sale.
Bruce Rajaee of Marcus & Millichap's Ontario office acted on behalf of the buyer, Jose Gonzalez, as well as the seller, Temecula-based Ampac Associates.
The Orange County multifamily market has attracted smaller investors in recent months, according to a report on the region by Marcus & Millichap Real Estate Investment Brokerage Co. The change has occurred due to a combination of attractive financing and the migration of institutional investors out of the market.
The region's apartment market as a whole will only see inflationary gains during the year, the Marcus & Millichap report points out. "The apartment market will see limited gains in value over the next year, as income streams rise minimally due to small rent increases and slightly higher vacancies."
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