The complex is at 7941 Stark St., according to Alex Pavich and Charlie Kennedy of the Irvine office of Sperry Van Ness, who represented the seller. The buyers were represented by Ofella Vickie Beichel of Century 21 Discovery.
Built in 1977, the property includes two one-bedroom, one-and-half bath units, and six two-bedroom, two-bath units with rents ranging from $875 to $1,150. The spacious units feature enclosed garages and are individually metered for electric and gas. Pavich notes that the property is close to the 405 freeway and is one of many examples of small apartment complexes being acquired by individual investors despite the prevalence of larger investment groups in the multifamily market. An example of the latter was another deal recently brokered by Sperry Van Ness and reported on GlobeSt.com, in which Los Angeles-based Kennedy Wilson Inc. acquired the 176-unit Sunrise Terrace Apartments in Palm Springs for $12.7 million. Michael Kassinger and Cameron Hall of Sperry Van Ness represented the sellers, with Mary Friedman of Investment Real Estate representing the buyer.
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