$10M Wins Senior Apartments

Larry Andrews of Sperry Van Ness, who brokered the sale, describes the building at 770 S. Sherman Ave. as an eight-building complex that is "ideally located" on a site that is minutes from the 91 and the I-15 freeways.

Originally built in 1987, the complex consists of 112 one-bedroom, one-bath units and 21 two-bedroom, one-bath units with rents ranging from $597 to $875. At the time of the sale, the property was 100% occupied. The tile-roofed complex is gated, with features including a pool and a recreational room.

In the Costa Mesa transaction, a private investor has purchased the Bay Breeze Apartments in Costa Mesa for nearly $3.5 million from another private investor. The property is a 30-unit complex at 1884 Monrovia Ave., about a mile from Newport Beach and close to the 55 Freeway, according to Ruben Khorsandi of the Irvine office of Sperry Van Ness, who represented the buyer. The seller was represented by Guy Torelli of Torelli Investments.

Originally built in 1963, the Bay Breeze complex comprises 21 one-bedroom, one-bath units, two two-bedroom, one-bath units and seven two-bedroom, two-bath units. At the time of the sale, the building was 100% occupied.

In the Palm Springs sale, the Kor Hotel Group of Los Angeles bought the 17-unit La Serena Villas from La Serena Villas LLC for nearly $1.7 million, according to Char Sharp-Pfeifer of Sperry Van Ness, who represented the seller. The property's 17 units ranging from single-night hotel rooms to monthly rented four-bedroom units, notes Sharp-Pfeifer, who describes the inn as "not a typical property that you would find on the market in Palm Springs." While there are many hotels in and around this area, La Serena Villas is unique because of its boutique -style design and long history within Palm Springs, according to the Sperry broker. Originally built in the 1930s, La Serena Villas lies in the heart of the San Jacinto foothills. The villas are minutes away from the shops, museums, theatres, and art galleries of Downtown Palm Springs with easy access to Highway 111 and The Palm Springs International Airport.