Multifamily Sales Totaling 140 Units Top $22M

The buyer of the 88-unit project was Advanced Group, which acquired the property from Westminster Arms Ltd. of Los Angeles for $12.2 million. The complex is known as the Westminster Arms and is located at 13888 Euclid St. Both the buyer and the seller were represented by Doug Rodermund and Grant Hahn of the Newport Beach office of Morgan Skenderian. The complex, featuring 56 two-bedroom units and 16 each of one-bedroom and three-bedroom apartments, was built in 1973.

[IMGCAP(2)]In the Newport Beach transaction, Marcus & Millichap reports that a NorthernCalifornia-based private investor bought the 52-unit Las Casitas Garden Apartments from a local family partnership for $10.55 million. The deal closed at $202,885 per unit and a cap rate of approximately 5%. The complex consists of two five-story buildings on a 1.75-acre lot at 20102 Southwest Birch St.

The seller was represented by Michael Lawrence, a senior vice president of investments in the Newport Beach office of Marcus & Millichap, and Joseph Berkson, a vice president of investments also in the firm's Newport Beach office/ The buyer was represented by vice president Kevin Struve in the Ontario office of Marcus & Millichapa and associate Eric Chen, also in the firm's Ontario office.

Lawrence comments that the Las Casitas property offered "an excellent value-added opportunity for the buyer," thanks to the prospect of "significant futurerent growth in one of the strongest rental markets in the nation." Berkson adds, "Despite a considerable slowdown in apartment sales and a tough marketfor financing, we were fortunate to have generated substantial investorinterest in this property from local investors and investors throughoutthe US."

Las Casitas Garden Apartments features a mix of one- and two-bedroomunits. Community amenities include a swimming pool with sundeck, ampleparking, on-site laundry facilities and a well-equipped fitness center.Unit amenities include gas stoves, ovens, dishwashers and gas wallheating. Additionally, each unit has either a private patio orbalcony, most of which overlook the central courtyard and swimming pool.