Zander, who represented both the buyer and the seller in this transaction, says the property was 95% occupied at the time of the sale. The complex was built in 1965 and had been owned by the seller for seven years.
The property consists of 11 studio apartments, 18 one-bedrooms and 14 two-bedroom units on a lot of just under a half acre at 5536 Sierra Vista Ave., with 41 parking spaces. The studios average 575 sf, the one-bedrooms 650 sf and the two-bedrooms 825 sf, with rents of $445 to $595 for the studios, $556 to $725 for the one-bedrooms and $710 to $875 for the two-bedroom units. The rents at the time of the sale were below market, averaging about $617 per unit, compared with a market average of $790.
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