The 10-unit property stands at 5959 Burnham Ave. Known as the Burnham Street Apartments, it was previously owned by Laguna Niguel-based Elliott Fund 79.
Both the buyer and the seller were represented by Ken Morgan, Jay Skenderian and Rick Applebaum of the Newport Beach office of Morgan Skenderian Investment Real Estate Group.The Buena Park transaction is the latest in a string of smaller apartment deals, as local investors continue to turn their attention to this type of multifamily product. According to a Marcus & Millichap report on the county's apartment market, the average-sized property sold dropped to 23 units in 2001 from 37 units in 2000.
Meanwhile, the median price per unit rose 14% to $70,000 in the central submarket and 21%, to $74,000, in the northern submarket during 2001. The average price has been pushed to record highs because smaller deals are still being done at a brisk pace, according to John Przybyla, Marcus & Millichap's Newport Beach regional manager.
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