ANAHEIM, CA-Investors have acquired two apartment complexes here for $6 million and $3.5 million in two separate deals, according to NAI Capital and Sperry Van Ness. The larger of the two deals was a 33-unit complex that sold for $6 million and the other was a 20-unit property.
Interstate Equities Corp. bought the 33-unit property at 2910 Ball Rd. from NNT Properties LLC in a transaction brokered by Tom Nguyen of NAI Capital. Nguyen represented both the buyer and the seller of the property, which was built in 1986.
In the other transaction, Gary Pesner of the Irvine office of Sperry Van Ness reports that 205 S. Western LLC of Anaheim bought the 20-unit complex, which is known as Kona Gardens, from a family trust that is based in Spring, TX. The property is located at 205 S. Western Ave., near the 91 and 5 freeways.
Built in 1962, the complex is situated on 1.41 acres, is 95% occupied and consists entirely of two-bedroom/one-bathroom units with monthly rents ranging from $795 to $895. The property is located just a few blocks from Knott's Berry Farm and includes a pool, attached garages and laundry hook ups in the units.
Pesner who represented the buyer, notes that the transaction closed extremely quickly, requiring only 10 business days from start to finish. The family trust represented itself.
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