The complex, which is at 777 S Citrus Ave., includes 104 condominium rental units and 32 that are individually owned. The sale closed at an 8.6% capitalization rate and $116 per sf, according to Reza Ghaffari of the Ontario office of Marcus & Millichap, who brokered the sale.
The buyer acquired a property at a solid location on an artery between major highways, says Ghaffari, who adds that the asset should offer the buyer above-average cash flow with significant opportunity to improve returns as a condominium conversion. The property was constructed 1988 with 100,278 rentable sf on approximately four extensively landscaped acres. The unit mix includes 38 one-bedroom and 66 two-bedroom apartments ranging, in size from 795 to 1,095 sf. Occupancy was 95% at the time of the sale.
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