The buyers were among a number of bidders on the deal, accordingto Nguyen and Stampwala. Nguyen calls the property "truly a rareinvestment," explaining that the complex is located in theHuntington Beach harbor area, five minutes from a wetlands preserveand the beach.
Both Shilton and the Marcus & Millichap brokers note thatthe property generated strong investor interest because of itsprime location. Both also say that the sale, which closed in late2009, at $187,500 per unit represented the highest price per unitrecorded for an apartment sale in Orange County in 2009.
Built in 1970, the 12-building Harborscape complex is situatedon a 169,994-square-foot lot and consists of two-bedroom/one-bathsingle-story, two-story and private cottage units. Rents range fromapproximately $1,200 to $1,795.
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