Jay Skenderian tells GlobeSt.com that the buyer paid $4 million for the complex, which is known as El Cordova Apartments, on the strength of the strong Orange County apartment market, the readiness of the units for immediate renting, and the property's good location. Skenderian, Ken Morgan and Grant Hahn of the firm's Newport Beach office represented both the buyer, Portico Charle Street LP, and the seller, the Karen Larson Family Trust of Costa Mesa.
The property at 2077 Charle St. was built in 1970. Skenderian says the large percentage of units was empty at the time of the sale because the owner had been phasing out of the apartment ownership business for some time, but he says the units are eminently rentable because they are in good condition.
"The buyer expects to fill the building to 100% occupied within 45 to 60 days," Skenderian tells GlobeSt.com. He says the new owner plans to spend several hundred thousand dollars renovating the exterior of the property, but he says the units themselves need little work because they have been well maintained.
The Spanish-style one-building property has a center courtyard, with swimming pool, recreation room and barbecue area. The property includes 16 one-bedroom units and 16 two-bedrooms, with the one-bedroom units measuring 750 sf and the two-bedroom units 1,050 sf. The new owner projects rents at $975 for the one-bedrooms and $1,325 for the two-bedrooms.
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