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STANTON, CA-A private investor has acquired the 168-unit Arrowhead Apartments property from a joint venture of Beverly Hills-based Kennedy Wilson and Los Angeles-based Hanover Financial for $24.5 million in one of two value-added apartment plays to close recently. In the other, a 32-unit complex in Costa Mesa called Fairway Villas sold for $6.4 million in what could turn into a 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 offers upside through the separate sales of each of the parcels. The Arrowhead properties are at 12241, 12271, 12331 and 12381 Arrowhead St. Built in 1971 and 1973, the garden-style apartments are separately branded as Arrowhead, Bordeaux, Monteleone and Montecello. Walsh notes that the sellers renovated the apartments in 2004 with more than $700,000 in improvements. Walsh represented both the buyer and the selling JV, which had owned the property since early 2004. According to a GlobeSt.com report at about the time Kennedy Wilson and Hanover acquired the property, the JV paid $19.6 million for the 168 units. The complex consists of four two-story buildings, with amenities including large unit sizes, garages, swimming pools and laundry facilities. It occupies nearly a city block totaling 200,000 sf and is close to the Garden Grove (22) and the San Diego (405) freeways, near Cypress College and Long Beach State.In the Costa Mesa transaction, Steve Heri of the CB Richard Ellis Private Client Group in Anaheim reports that Silverado Canyon Partners LLC of Coto de Caza bought the 32-unit Fairway Villas complex for $6.4 million. The complex, which is at 20122 Santa Ana Ave., was sold by the Cornwell Group Inc., a San Diego-based investor.Heri calls the purchase “an excellent opportunity to convert the present use to condominiums or renovate the existing apartments” and notes that the property is slated to be annexed into Newport Beach. He says it lends itself to condo conversion because of the mix of two- and three-bedrooms apartments, each with an average unit size of 1,369 sf, washer and dryer hook-ups and garages. Heri and Peter Gillin of CB Richard Ellis represented the buyer and the seller.

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