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TUSTIN, CA-Hunt Enterprises of Los Angeles has purchased the 78-unit Tustin Gardens Apartments at 15811 Pasadena Ave. from a Southern California-based investment partnership for $10.6 million.

Joseph Berkson of the Marcus & Millichap Newport Beach office and a member of Marcus & Millichap’s National Multi Housing Group, tells GlobeSt.com that the sales price represents one of the highest prices per unit and per sf paid for a property of comparable age in Tustin. The Tustin Gardens complex was built in 1970.

About the only properties that have equaled or exceeded the $147 per sf or $135,897 per unit have been newer buildings in newer parts of Tustin or Orange County, Berkson says.”About 17 properties have sold for prices in excess of $135,000 per unit,” he says, “but they are more like newer townhome-style properties and luxury projects.”

Berkson represented the seller. The buyer, who was in a 1031 Exchange, was represented by both Berkson and Reza Ghaffari in the Marcus & Millichap Ontario office.

Tustin Gardens Apartments is a garden-style complex on approximately 2.6 acres at the intersection of McFadden and Pasadena avenues. It consists of seven buildings plus a clubhouse, all constructed of wood frame and stucco.

The seller had completely remodeled the property over the past 1 1/2 years, which was one reason for the premium price, Berkson says. In addition, he says, the prices paid for apartment buildings have continued to rise steadily in Orange County.

The units at Tustin Gardens consist entirely two-bedroom apartments, which range from 826 sf to 925 sf. Rents are approximately $1,300. At the time of the sale, occupancy was about 94%. The seller had owned it since October 2000.

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