A group of 1031 exchange buyers has paid nearly $1.3 million for the 18-unit complex, Columbia Gardens Apartments, which contains no major amenities. Located at 3573 Columbia Ave., the property dates back to 1978. Its unit mix consists of 10 one-bedroom, 1.5-bath units, four two-bedroom-two bath units and four two-bedroom, two-bath plus loft units. The floor plans range from 550 sf to 1,179 sf. Columbia Gardens was fully occupied at the time of sale.
Reza Ghaffari of the Ontario office of Marcus & Millichap Real Estate Investment Brokerage Co. acted on behalf of both the buyer and seller in the recent transaction. The region's apartment market is "holding steady," according to Ghaffari, who tells GlobeSt.com that "rents continue to move up."
© 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.