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BUENA PARK, CA-A 184-unit apartment complex here called Brookstone has sold for $17 million. The seller was Pacific Property Co. The new owner is Western National.

Built in 1977, the complex was formerly known as Brook Park West. Amenities here include a pool, spa, and clubhouse and fitness center. Pacific Property acquired the property in January 2000 and then spent more than $1 million to upgrade it.

“We are thrilled with the Brookstone disposition as it demonstrates the viability of our investment strategy; acquiring quality assets in highly constrained markets poised to benefit from professional management and/or capital improvements,” says Phillip Shuster, Pacific’s managing director in Southern California.

“Our capital improvement program and management efforts stabilized the property at rent levels significantly superior to those in-place at acquisition,” Shuster adds. Rent levels at Brookstone improved by more than 40% during Pacific’s two-year ownership period.

Karoline Sauls and Margie Molloy of Hendricks & Partners acted on behalf of Pacific.

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