Thank you for sharing!

Your article was successfully shared with the contacts you provided.

RIVERSIDE, CA-RK Properties of Long Beach bought the 69-unit Cranford Court Apartments at 3939 Cranford Ave. from Orange County-based Hutton Development for $6.45 million.

Kevin King of Marcus & Millichap tells GlobeSt.com that Costa Mesa, Calif.-based Hutton completed construction earlier this year on the two-story, wood frame and stucco complex, which includes 17 one-bedroom units, 16 with two bedrooms and one bath, and 36 unit with two bedrooms and two baths. Hutton obtained the occupancy permit in May and the building was 80% occupied at the time of the sale, says King, who represented the buyer. Cray Carlson of Marcus & Millichap represented the seller.

The one-bedroom Cranford apartments measure 623 sf, while the two-bedroom, one-bath units are 713 sf and the two-bedroom, two-bath apartments measure 755 to 800 sf. Rents at the time of the sale were $750 to $775 for the ones, $850 to $875 for the one-bedroom, one-bath units, and $900 to $950 for the two-bedroom, two-bath units.

“This property has a lot of potential because it is in a high growth area with new retail and housing nearby,” King tells GlobeSt.com.

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.