Breaking will be offline for scheduled maintenance Saturday May 8 3 AM US EST to 12 PM EST. We apologize for the inconvenience.


Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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 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.

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?


Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

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