The buyer, Ed Cerna of San Francisco, was represented by Ken Morgan and Jay Skenderian of Morgan Skenderian Investment Real Estate Group, as well as Gary Tolfa of Investment Property Group. Morgan, Skenderian and Tolfa also acted on behalf of the seller, Irvine-based Bascom Lincoln Avenue Apartments LLC.
Morgan Skenderian has reported more than $21 million in multifamily sales activity for the past several weeks. Recent transactions include the sale of the 102-unit Cypress Garden Apartments in Cypress. The complex, which stands at 21600 Bloomfield Ave, was sold by The Bascom Group for $8.5 million.
Investors will continue to snatch up apartment properties in 2002, according to industry experts. Multifamily will continue to be one of the strongest sectors in the commercial real estate market, experts predict, although rents are expected to level off in the upcoming months.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.