Jim Ferris of the Newport Beach office of Marcus & Millichap, who brokered the deal, notes that the property attracted 15 offers within a 10-day marketing period, ultimately closing at a 5.5% cap rate. The property offers substantial upside potential through refurbishment and repositioning, Ferris says, citing the strong infill location and the demand for apartments in this area by renters seeking a short commute to the employment centers in Los Angeles.
Briarwood Square Apartments is a garden-style property that was constructed in the 1970s and comprises 173,088 rentable sf. The unit mix includes 80 one-bedroom and 114 two-bedroom apartments. The units range in size from 686 sf to 1,088 sf. Rents range from $950 to $1,325. Occupancy was approximately 95% at the time of the sale.
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