Martin Ensbury and Stewart Weston of the brokerage firm's Long Beach office, who represented both buyer and seller, reported the purchase price of $82,801 per unit or $104 per sf closed at a 6.9% cap rate. The Courtyard Apartments complex was constructed in 1972 and includes approximately 3.8 acres of landscaped common areas.
The 141 units break down to 75 one-bedroom and 66 two-bedroom apartments, ranging from 725 sf to 975 sf. The monthly rents range from $840 to $1,090. The complex was 88% occupied at sale time. Seller Bascom Group is one of the most active buyers and sellers of apartments in Southern California, having closed on more than 8,000 units in the region over the past seven years.
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