Kevin King of Marcus & Millichap tells GlobeSt.com that Costa Mesa, Calif.-based Hutton completed construction earlier this year on the two-story, wood frame and stucco complex, which includes 17 one-bedroom units, 16 with two bedrooms and one bath, and 36 unit with two bedrooms and two baths. Hutton obtained the occupancy permit in May and the building was 80% occupied at the time of the sale, says King, who represented the buyer. Cray Carlson of Marcus & Millichap represented the seller.
The one-bedroom Cranford apartments measure 623 sf, while the two-bedroom, one-bath units are 713 sf and the two-bedroom, two-bath apartments measure 755 to 800 sf. Rents at the time of the sale were $750 to $775 for the ones, $850 to $875 for the one-bedroom, one-bath units, and $900 to $950 for the two-bedroom, two-bath units.
"This property has a lot of potential because it is in a high growth area with new retail and housing nearby," King tells GlobeSt.com.
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