Steve Heri and Cara Weichman of the Private Client Group, who represented the buyer, say the new owner plans to add value to the complex by raising rents to market levels. The Buena Casa consists of four one-bedroom, one-bathroom units averaging 615 sf, 18 two-bedroom, two-bathroom units averaging 920 sf each, and 10 three-bedroom, two-bathroom units averaging 1,128 sf each.
Heri notes that the buyer acquired the property in a 1031 exchange after selling a single-family investment. Of late, Buena Park has been one of the county's top performing multi-family investment cities as measured by occupancy rates, averaging more than 97%, he says. That compares to the overall county average of 95%. Also in Buena Park, increases in average rents are up 4% from the previous quarter. Heri says Buena Park has recently emerged as one of Orange County's best markets in which to invest in multi-family product, particularly for private investors."
The seller, a local private investor who had owned the complex since 1993, was represented by Grant Hahn of Morgan Skenderian.
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