Robert Chui and Kevin Lutz of Sperry Van Ness, who represented the buyers and the seller, say the complex is in the heart of central Orange County, close to the Interstate 5 and 91 freeways. The two buildings, made of wood frame and stucco, were constructed in 1961.
The complex, which was 100% at the closing time, consists entirely of one-bedroom, one-bathroom units with monthly rents ranging from $630 to $750. The apartments measure 550 sf to 600 sf/ The upside, the Sperry brokers say, lies in raising the rents. The seller, based in the state of Washington, had owned the property for 7 1/2 years and disposed of it in a 1031 Exchange. The buyer also was in a 1031 Exchange.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
