ALISO VIEJO, CA-CRS Inc. of San Diego has acquired the 124-unit Canyon Point apartment complex from a locally based private investor and plans to sell the units for prices starting at an average of $410,000, according to Moran & Co. The deal was brokered by Mary Ann King and Scott Davis in the Costa Mesa-based West Coast office of Moran & Co., who represented the seller.
CRS began the conversion process even before the deal closed, according to Jarrett Pugh, director of acquisitions for the company, who explains that the sale agreement allowed the property improvements to begin before closing.
Canyon Point already featured condominium-quality design, he adds, but the buyer is investing "a substantial amount" to update the interiors with features such as new cabinetry and granite countertops that are often standard in today's homes.
Davis says that Canyon Point, built in 1998, appealed to prospective buyers as a conversion because of its existing condominium-quality amenities and because of demand for moderately priced housing in Orange County. Orange County's median home price of $663,600 is the highest in Southern California, and the county, he points out.
These factors, along with interest among homebuyers in entry-level condominiums, should drive interest among buyers of the Canyon Point condos, Davis observes. According to Pugh, starting work on the conversion before the sale closed enabled CRS to start sales on the day of the closing.
Canyon Point consists of six two- and three-story wood frame buildings on a 6.1-acre site at 22681 Oak Grove Ave., at the northeast corner of Wood Canyon and Oak Grove drives. The unit mix includes 48 one-bedroom, one-bath apartments, eight one-bedroom, one-bath units with den and 68 two-bedroom, two-bath units. The units range from 845 sf to 1,235 sf.
Pugh comments that in addition to the property's amenities, the Canyon Point complex benefits from its location within the Capistrano Unified School District and its proximity to elementary, middle and high schools. The location in South Orange County is also one of the strongest office markets in Southern California, so that residents of Canyon Point are close to jobs, he points out.
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