X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SANTA ANA, CA-A private investor from the San Francisco area has purchased the 12-unit Villa Altiplano Apartments from two Orange County-based private individuals for slightly more than $1 million, according to Sperry Van Ness.

Shane Shafer of Sperry Van Ness in Irvine represented the buyer, with Charlie Kennedy, also of the brokerage firm’s Irvine office, negotiating for the sellers. Built in 1962, the Villa Altiplano at 1030 W. Highland Ave. consists of 10 two-bedroom apartments, one three-bedroom unit and one four-bedroom unit. The apartments average 875 sf, with monthly rents of $782 for the two-bedroom units, $860 for the three-bedroom and $860 for the four-bedroom as well. The one-building, two-story wood frame and stucco complex was 100% leased at the time of the sale.

Shafer says apartment buyers are looking more to Santa Ana because its properties are offering higher returns on investment than those in many surrounding areas, where prices are often higher and cap rates lower.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.