Gary Pesner of Sperry Van Ness says the buyer was looking to complete a 10-31 exchange by acquiring a stable apartment property in Orange County with more upside. Pesner, who represented both the buyer and the seller, says the complex is near the I-5, 91 and 22 freeways in what he describes as one of north Orange County's most popular apartment submarkets.
The property is at Olinda Lane and Knott Avenue, between Orange and Lincoln Avenues. It was built in 1960 and consists of two wood-frame and stucco buildings joined by a common pitched roof. It was 95.5% occupied at the time of the sale and includes six one-bedroom, one-bath units and 16 two-bedroom, one-bath units. The one-bedroom units are 700 sf and rent for $825 per month. The two-bedroom units are 815 sf and rent for $975 per month.
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