Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FULLERTON, CA-A 136-unit multifamily complex here, which boasts a 35,000-sf lake, has been sold in a $14-million transaction.

The buyer, Irvine-based Granite Investment Group LLC, plans to sink $1.4 million in capital improvements to the property over the next 12 to 18 months. Completed in 1972, the Lake Apartments complex was 97% occupied at the time of sale. It consists of 14 studios, 98 one-bedroom and one-bathroom units and 24 two-bedroom and two-bathroom units, which range in size from 414 sf to 1,100 sf. Monthly rents start at $670 and go as high as $1,400.

Aside from the lake, which is complete with night lights, fountains, fish and ducks, the complex features swimming and hydrotherapy pools and a sauna. Additional amenities include a clubhouse, leasing office, billiard rooms and laundry facilities.

Granite Investment Group was represented by Jonathan Mitchell and Gordon Reese of the Newport Beach office of Marcus & Millichap Real Estate Investment Brokerage Co. The two brokers had the exclusive listing to market the property for the seller, Larkspur-based Fowler, Shore & Flanagan LLC.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.