$15M Captures 192 Units

In a transaction in Chino, Hendricks & Partners reports that PapagoPeaks LLC of Newport Beach bought the 105-unit Marbella Villa apartments at 11819 Central Ave. from Marbella LLC of Palos Verdes Estates for $13.5 million. The transaction was negotiated by Peter Hauser and Brian Hawkins of the Newport Beach office of Hendricks & Partners.

In Westminster, a private investor acquired the seven-unit Cherry Street Apartments at 13882 Cherry St. from another private investor for nearly $1.6 million. Alex Pavich of Sperry Van Ness in Irvine represented the seller, with the buyer represented by Wendy Wang of ReMax. The complex was built in 1988 and was 100% occupied at the time of the sale. It consists entirely of two-bedroom, two-bathroom units with monthly rents ranging from $1,250 to $1,300. According to Pavich, the property received more than 100 inquiry calls and more than 10 offers.In a Huntington Beach deal, Pavich reports that a private investor paid more than $1.2 million for a four-unit apartment building at 17762 Paseo Circle. The transaction was brokered by Pavich and Michael Thorton of Venture Real Estate, with Pavich representing the buyer and Thorton representing the seller, a private investor from Fountain Valley. The property was built in 1977 and was 100% occupied at the close of the sale. It consists of a one-bedroom, one-bathroom unit, one two-bedroom, two-bathroom unit and two three-bedroom, two-and-a-half bathroom units with monthly rents ranging from $750 to $1,450. The property is situated on a large lot, with garages and patios.