According to CB's Steve Heri and Cara Weichman, Pacific bought the property at 1601 W. Civic Center Dr. from the original owner.
Heri and Weichman represented the buyer, in conjunction with Burnham Real Estate of Carlsbad. The seller, a local investor, was represented by George Mayer of Coastline Equity in this off-market transaction.
The property was built in 1985 and occupies just under an acre fronting Civic Center Drive, close to one of Santa Ana's largest employers, the city itself.
The complex consists of 12 studios, 15 one-bedroom units, and 14 two-bedroom units. All of the units surround a common courtyard.
Heri and Weichman say the new owner plans immediate improvements including re-landscaping, new signage, laundry room construction, and numerous interior upgrades on individual apartments.
Heri says the seller wanted to eliminate the management headaches of owning an apartment by trading into a net-leased investment.
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