Buena Park Complex Sells for $13.2 Mil

BUENA PARK, CA-A Buena Park multifamily complex has been sold by a limited liability company in a deal valued at $13.2 million. The 164-unit property, known as Bascom Villas apartments, stands at 707-719 Knott Ave.

The seller, 707-719 Knott Avenue Apartments LLC, was represented by Robin Ossenbeck, Brian Hawkins and Margie Molloy of Hendricks & Partners. The buyer, Gardena-based Boseker Family Trust, was represented by Mel Wiggins of Coldwell Banker.

Although the county’s vacancy rate for multifamily product continues to hover at 3%, there have been some signs recently that the multifamily market may be starting to weaken. According to local experts, demand has started to slow somewhat as people have started to migrate out of the area, due to job losses, economic worries and the high cost of living. In some instances, property owners have already begun to experience strong price resistance from both new and renewing tenants.

The Irvine Co. has even announced a discount plan that will allow its long-term apartment tenants to save up to 6% on rents. The program, known as the Resident Appreciation Program, will apply to long-term tenants of the Irvine Co.’s apartment communities in Irvine, Tustin and Newport Beach, as reported last week by Globest.com. These residents will receive a 3% discount off market rent if they have lived in their apartment for at least two years. They will gain an extra 1% reduction for each additional year, with 6% being the highest discount.