Jay Skenderian and Grant Hahn of Morgan Skenderian in Newport Beach represented the sellers while Gary Tolfa of Investment Property Group, also of Newport Beach, represented the buyers.
Hahn tells GlobeSt.com that the property was built in 1970, is in excellent condition and had been owned by the seller since it was built. He notes that both the buyers and the sellers were in 1031 Exchanges.
The three-story complex, which was fully leased at sale time, is a single, U-shaped building of wood frame and stucco construction. It includes 36 one-bedroom units and eight two-bedroom units, with the one-bedrooms measuring approximately 750 sf and the two-bedrooms, 1,000 sf. Rents range from approximately $675 to $750 for the one-bedroom units and $875 to $925 for the two-bedroom units.
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