Apartment Sales Total $16M

PLACENTIA, CA-Buyers have paid a total of $16 million for three apartment complexes in separate Orange County deals that closed recently, according to Hendricks & Partners. The deals include a 48-unit complex here that sold for $10 million, along with a transaction estimated at $3.8 million in Newport Beach and a $2.2 million sale in Costa Mesa.

The $10 million sale was Smoketree Gardens at 1051 N. Bradford Ave., which garnered one of the highest per unit prices ever in North Orange County, according to Peter Hauser and Brian Hawkins of the Newport Beach office of Hendricks & Partners, who brokered the sale. Smoketree Properties LLC of Newport Beach bought the property from Northside Properties LLC of Panama City, FL.

In another transaction that raised the bar on pricing, Steven C. Brombal of the Newport Beach office of Hendricks & Partners reports that the Tod W. Ridgeway Trust of Newport Beach bought the 10-unit Domingo Apartments, at 707-725 Domingo Drive in Newport Beach from JKC Family LP of Newport Coast. Terms of the deal were not disclosed, but the property was believed to be on the market for about $3.8 million.

In another deal negotiated by Brombal, the Ridgeway Trust sold an eight-unit complex at 269 & 271 16th Place in Costa Mesa for more than $2.2 million to a local investment partnership that owns other properties in Eastside Costa Mesa.