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STANTON, CA-A private investor has acquired the 168-unitArrowhead Apartments property from a joint venture of BeverlyHills-based Kennedy Wilson and Los Angeles-based Hanover Financialfor $24.5 million in one of two value-added apartment plays toclose recently. In the other, a 32-unit complex in Costa Mesacalled Fairway Villas sold for $6.4 million in what could turn intoa condo conversion.John Walsh of the Encino office of Marcus &Millichap, who brokered the Arrowhead Apartments transaction,points out that the buyer gets a four-parcel property that offersupside through the separate sales of each of the parcels. TheArrowhead properties are at 12241, 12271, 12331 and 12381 ArrowheadSt. Built in 1971 and 1973, the garden-style apartments areseparately branded as Arrowhead, Bordeaux, Monteleone andMontecello. Walsh notes that the sellers renovated the apartmentsin 2004 with more than $700,000 in improvements. Walsh representedboth the buyer and the selling JV, which had owned the propertysince early 2004. According to a GlobeSt.com report at about thetime Kennedy Wilson and Hanover acquired the property, the JV paid$19.6 million for the 168 units. The complex consists of fourtwo-story buildings, with amenities including large unit sizes,garages, swimming pools and laundry facilities. It occupies nearlya city block totaling 200,000 sf and is close to the Garden Grove(22) and the San Diego (405) freeways, near Cypress College andLong Beach State.In the Costa Mesa transaction, Steve Heri of theCB Richard Ellis Private Client Group in Anaheim reports thatSilverado Canyon Partners LLC of Coto de Caza bought the 32-unitFairway Villas complex for $6.4 million. The complex, which is at20122 Santa Ana Ave., was sold by the Cornwell Group Inc., a SanDiego-based investor.Heri calls the purchase "an excellentopportunity to convert the present use to condominiums or renovatethe existing apartments" and notes that the property is slated tobe annexed into Newport Beach. He says it lends itself to condoconversion because of the mix of two- and three-bedroomsapartments, each with an average unit size of 1,369 sf, washer anddryer hook-ups and garages. Heri and Peter Gillin of CB RichardEllis represented the buyer and the seller.