Brombal reports that The Olson Co. bought its complex, a garden-style building at 324 E. 20th St., from a private partnership in a deal brokered by Brombal and Peter Hauser, also of the Newport Beach office of Hendricks & Partners. Brombal tells GlobeSt.com that rents have been raised recently but they remain low for the quality of building, which enjoys a superior location, amenity package, and super floor plans.

The Hendricks & Partners represented both the seller and the buyer, which exchanged out of a Corona Del Mar four-plex that Brombal listed and sold for $1.7 million, and a five-unit property in Laguna Beach that he listed and sold for $1.6 million. Both of these downlegs were owned since the late 80s and had substantial equity, Brombal notes. He says the Olson Cos. purchase of the $5 million Costa Mesa complex represented a terrific upleg whereby the buyer centralized holdings closer to a large Newport Beach apartment portfolio that he sold them some years ago. Financing was provided by CitiBank, which fixed the interest rate under 6% for seven years.

The complex includes a mix of one-bedroom, two-bedroom and townhouse style units that were renting for $755 to $1,400 at the time of the sale. The buyer will continue to raise rents, Brombal says, indicating the project holds considerable upside potential.

In the other transaction, also brokered by Brombal, an investor from Laguna Hills purchased the 11-unit Albert Place Apartments at 120 Albert Place for more than $1.9 million from Woodco Investment Company Inc. of Irvine. The building had just been re-landscaped, with a newly painted exterior and a new driveway. Approximately five of the 11 units had been refurbished, and rents were very, very low at the time of sale, according to Brombal, with the 10 two-bedrooms renting for $950 to $1,150 with the potential to go to the $1,400 range for certain units.