45 Multifamily Units Trade for $11M

TUSTIN, CA-Locally based investors have acquired three apartment complexes here and in two other Orange County communities for a total of more than $10.83 million, according to Marcus & Millichap. The sale of the Terrace Apartments here is the largest of the three Orange County deals, which total 45 units.

The Terrace property, which is at 14441 Red Hill Ave., sold for more than $5.73 million, according to Joseph Berkson of Marcus & Millichap. Berkson represented both the buyer, a private investment group, and seller Campbell Enterprises. The seller had owned the 27-unit property since 1997.

The Tustin deal was one of three recently closed, relatively small deals in Orange County that indicate the depth and breadth of the market as described in the latest research report by Marcus & Millichap. The market continues to offer deals for everyone from individual investors to institutions.

The Marcus & Millichap report quotes John Przybyla, regional manager of the firm's Newport Beach office, saying that the county's multifamily market reflects the combined effects of healthy job growth and record-setting home prices. Asking rents are expected to increase 5.6% this year to $1,445 per month, according to the study, and effective rents will increase 6.5% to $1,410 per month.

In the second of the deals reported recently, American Investment Co. acquired the 11-unit Park Patio Homes in Westminster for $3.3 million. John Nguyen of Marcus & Millichap, who represented both the buyer and the seller, reports that American Investment acquired the multifamily property from an individual investor who had owned it since 1979. The property is at 7272-7292 Park St.

In the third transaction, between two private investors, the buyer paid $1.8 million for a seven-unit complex at 13462 Garden Grove Blvd. in Garden Grove. Nguyen represented both parties in the sale.