Walsh, who teamed with Jeffrey Louks of the M&M office to represent both the buyer and the seller, says the seller was Los Angeles-based Pacific Properties. He says the buyer found the deal appealing because the property is stabilized with "substantial room for upside." He explains the complex has a strong history of occupancy, is well-maintained, and has the potential for increased revenues from higher rents.
The three-story, garden-style complex, built in 1978, is composed of 116 junior one-bedroom, 22 standard one-bedroom and three two-bedroom apartments. Rents range from $510 to $1,150 per month. Community features include pool and spa, recreation room, gated parking and on-site laundry. At closing time, occupancy was 97%.
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