Jay Skenderian of Morgan Skenderian in Newport Beach tells GlobeSt.com that the property is a three-building complex consisting of 12 one-bedroom apartments and 21 two-bedroom units. Skenderian and Ken Morgan, also of the Newport Beach office, represented both the buyer and the seller.
The seller had owned the complex at 2655-2685 E. Miraloma Way since 1999, according to Skenderian, who says the property was built in 1975 and 100% occupied at sale time. The buyer was in a 1031 Exchange with proceeds from the sale of other multifamily assets.
The Miraloma Way complex gets $800 per month for the one-bedroom units and $973 to $1,050 for the two-bedrooms apartments. Units average 850 sf.
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