Steve Heri and Cara Weichman of the Private Client Group, whorepresented both the buyer and the seller, describe the property at13871 Shady Lane as a condominium-quality project. They note thatthe $2.5-million sale marks the first time the complex has tradedhands since it was built in 1987.

The property, which is situated near Westminster Avenue,consists of four buildings comprising 15 three-bedroom,two-bathroom, townhouse-style units. The complex features two-cargarages, washer-dryer machines in each unit, and what the CBREbrokers describe as "the security of a gated community at the endof a private road." The units measure approximately 1,250 sf each,with vaulted ceilings, skylights, and individual water heaters.Rents range from $1,200 to $1,400 and the complex had one vacancyat the time of the sale, but the CBRE brokers say the 15 unitsusually run at 100% occupancy.

Heri describes the sales price as an incredible cost per unitfor the area and for the Orange County market in general. Bothseller and buyer agreed that the property is unique in the marketand, even at this price, was significantly below replacement cost,Heri adds. Both parties are private local investors.

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