Shane Shafer of the Irvine office of Sperry Van Ness says Pointe Vista Properties bought the apartment complex, which is at 1501 N. Spurgeon St., from a private investor. Shafer represented both the buyer and the seller, who had owned the property for more than two years.
Built in 1960, the Spurgeon Street property includes four one-bedroom, one-bath units and eight two-bedroom, two-bath units. with rents ranging from $775 to $900. It was 100% leased at the time of the sale.
Shafer says the complex offers upside for the buyer because of the potential to increase rents at what is a convenient location that has proven popular with renters through the years because of its proximity to the Santa Ana Freeway and nearby shopping and services.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
