HUNTINGTON BEACH, CA-The 88-unit Harborscape Apartments complex at 5152 Heil Ave. has sold for $16.5 million. The deal closed at a 5.4% cap rate, according to vice president John Nguyen and multifamily investment specialist Sheil Stampwala with Marcus & Millichap in Newport Beach, who represented the private investor who sold the property; Albert Shilton, a Charles Dunn Co. senior managing director, represented the buyers, a group of TIC investors.

The buyers were among a number of bidders on the deal, according to Nguyen and Stampwala. Nguyen calls the property “truly a rare investment,” explaining that the complex is located in the Huntington Beach harbor area, five minutes from a wetlands preserve and the beach.

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