The property, which has sold for a 6.7% cap rate, has fetched$84,155 per unit and $103 per sf. Located at 2945 S. Sultana Ave.,the complex contains 142 units. The unit mix here consists of 32one-bedroom and one-bath floor plans, 40 two-bedroom and one-bathunits and 70 two-bedroom and two-bath apartments. Completed in1987, the Rose Garden Apartments complex encompasses 116,500 sf. Itwas 96% occupied at the time of sale, with rents ranging from $695to $945 per month.
Alex Mogharebi of Marcus & Millichap Real Estate InvestmentBrokerage Co., who had the exclusive listing to market Rose GardenApartments, brokered the transaction on behalf of both the buyer,Allen Properties, and the seller, an undisclosed developer based inLos Angeles.
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