SANTA ANA, CA-Continuing the trend in which condominium conversions are pushing up prices of apartment buildings, a Marina Del Rey developer has paid one of the highest per-unit prices ever for a comparable property here, according to Healstone Investment Real Estate. Ignacio Diaz and Mark Beat of Healstone report that the buyer acquired the 29-unit property at 802 E. Pine St. from an Orange County-based family partnership for $6 million.
The three story complex, built in 1987, consists of 10 three-bedroom units and 19 two-bedroom units, with a gated underground parking garage. The property was 100% occupied at the time of the sale. Diaz and Beat represented both the buyer and the seller.
The condo conversion deal was one of three multifamily transactions to close recently in Orange County, including a deal in Adelanto in which a family trust bought a 48-unit complex at 11211 La Habra Ave. from Westview LP of Los Angeles for $3.64 million. Paul Runkle and Crystal Martin of the Inland Empire office of Hendricks & Partners negotiated the transaction.
In the third transaction, Irvine-based Western National Realty Advisors Fund I bought an interest in a 116-unit complex called the El Dorado in Garden Grove. The property is at 11250 Dale St.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.