The complex was 95% occupied at the time of the sale , says Douglas Froehlke of Marcus & Millichap's Ontario office, who represented the buyer and the seller. The deal works out to $96,983 per unit, $117 per sf and a 7.2% capitalization rate, considered quite a favorable cap rate in an era when apartment capitalization rates have been declining.The San Marcos Tennis Club Apartments is positioned at 2100 S. Lark Ellen Ave. Built in 1972, the class B property was extensively refurbished by the seller.
The garden-style complex consists of 95,924 rentable sf on 5.3 acres. The unit mix includes 64 one-bedroom, 42 two-bedroom and 10 three-bedroom apartments, ranging from 726 sf to 1,208 sf. Rental rates range from $895 to $1,350 per month.
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