Doug Rodermund of the Morgan Skenderian office in Newport Beach tells GlobeSt.com that both the buyer and the seller were in 1031 Exchanges. He represented both investors.
The Palm Tree Apartments property is a two-building, wood frame and stucco complex that includes 47 one-bedroom, one-bath units; three two-bedroom, one-bath apartments; and two three-bedroom, one-bath units that average 826 sf. Monthly rents range from $675 to $710 for the one-bedroom units; $730 to $895 for the two-bedrooms and $825 to $1,100 for the three-bedroom units. The property, which was built in 1962 and had been owned by the seller since 1997, was 100% occupied at the time of the sale.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
