The buyers were among a number of bidders on the deal, according to Nguyen and Stampwala. Nguyen calls the property "truly a rare investment," explaining that the complex is located in the Huntington Beach harbor area, five minutes from a wetlands preserve and the beach.
Both Shilton and the Marcus & Millichap brokers note that the property generated strong investor interest because of its prime location. Both also say that the sale, which closed in late 2009, at $187,500 per unit represented the highest price per unit recorded for an apartment sale in Orange County in 2009.
Built in 1970, the 12-building Harborscape complex is situated on a 169,994-square-foot lot and consists of two-bedroom/one-bath single-story, two-story and private cottage units. Rents range from approximately $1,200 to $1,795.
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