116-Unit Complex Goes for Condos

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WHITTIER, CA-An Orange County-based group that specializes in condo conversions has acquired the 116-unit Summer Glen Apartments for nearly $21.9 million and plans to convert the property to condominiums, according to Hendricks & Partners.

The sale was brokered by Brian Hawkins and Peter Hauser of the Newport Beach office of Hendricks & Partners, who represented both the buyer and the Silicon Valley-based partnership that sold the property. Hawkins and Hauser report that the Summer Glen, which is at 16040 Leffingwell Rd., attracted interest from condo converters because it is “one of the most desirable apartment communities in Whittier.” The 116 units are in seven two-story, garden-style, wood frame and stucco buildings with pitched composition shingle roofs on a site of more than 5.1 acres. Hawkins tells GlobeSt.com that Summer Glen was built in 1969 and was substantially renovated over the past three years. The complex was approximately 96% occupied at the time of the sale. The average unit size of the apartments is 1,042 sf, with 18 one-bedroom, one-bath units at 886 sf and 98 two-bedroom, two-bath units at 1,071 sf. The units include large patios or balconies, stacked washers and dryers, built in microwave ovens, gas ranges, kitchen pantries, central heating and air conditioning, ceiling fans, vaulted ceilings in upstairs units, two swimming pools, a spa, and barbeque areas. The average in place monthly rents at the time of the sale was about $1,295 per unit. The Summer Glen deal was the second major condo conversion reported in Los Angeles and Orange counties in the past week. In the previous deal, reported on GlobeSt.com, Pacifica Cos. LLC of San Diego acquired the 242-unit Villas at Arbor Creek apartment complex in La Habra from NF La Habra Investors LP of Los Angeles for $40 million and plans to convert the property to condominiums. The La Habra transaction was also a Hendricks & Partners deal. It was brokered by Dean Zander and Melinda Russell of the firm’s Los Angeles office in Encino.