Martin Ensbury and Stewart Weston of the Long Beach office ofMarcus & Millichap, who brokered the sale on behalf of theseller and also secured the buyer, report that the property soldfor $5 million more than an original, unsolicited offer, afterwhich they convinced the seller to list the property at $42million.The Park Plaza Apartments is located at 805 W. Stevens Ave.and consists of 215,172 rentable sf on approximately 10 acres. Thecomplex was constructed in 1972 and has undergone interiorrenovations since 1995 and exterior renovations since 2003. Theunit mix consists of 210 two-bedroom and 32 three-bedroomapartments, ranging in size from 830 sf to 1,020 sf. The Park Plazawas one of two significant transactions in Orange County and theInland Empire reported recently by Marcus & Millichap, whichalso brokered the sale of the Ascot Park Apartments in SanBernardino for nearly $11.8 million at a cap rate of just under5.8%. The transaction was brokered by Alexander Garcia in thefirm's Ontario office of a Southern California-based investmentpartnership. Marcus & Millichap's Bruce Rajaee, also based inOntario, represented the buyer, a Newport Beach-based partnershipthat acquired the property in a 1031 exchange.Ascot Park Apartmentsis located near the San Bernardino Airport at 1422 E. 9th St. inthe southeast submarket of San Bernardino. The property wasconstructed in 1985 and includes 160 low-density, garden-styleunits with 126,016 rentable sf on 7.4 acres. The unit mix includes40 one-bedroom, 72 two-bedroom and 48 three-bedroom units, rangingin size from 610 sf to 1,007 sf, with rents that range from $485 to$950. The property features a pool, three laundry facilities, aspa, a business center, a playground and secured entry. Occupancywas 95% at the time of the sale.