Katz says that a key to closing the off-market transaction, in today's volatile environment of relatively few deals, was collaboration by the team that Meridian lined up at the outset of the deal. "Certainty of execution and speed are vital, especially involving an off-market acquisition," he says.
The Briarhill complex is at 120-162 Hill Ave. West, just west of Harbor Boulevard, and was built in 1989. The complex, which was approximately 95%-occupied at the time the deal closed, is close to Cal State Fullerton and the Platinum Triangle of Anaheim, an 805-acre, mixed-use project surrounding Anaheim Stadium and the Arrowhead Pond.
The property is immediately adjacent to the Fullerton Metro Center and is surrounded by the Orange Fair MarketPlace, the Fullerton Town Center and La Mancha Shopping Center, totaling more than a million square feet of retail space. Briarhill is 84% two-bedroom units, averaging 964 square feet, with common area facilities including a pool and spa, a clubhouse, landscaped grounds with streams throughout, a fitness center and controlled access subterranean parking.
The seller of Briarhill, an Orange County-based private investor, was represented by Shane Shafer of the North Orange County office of Hendricks & Partners in the sale of the complex.
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