(To read more on the multifamily market, click here.)
HUNTINGTON BEACH, CA-The new owner of a 76-unit apartmentcomplex plans to take his prize and follow the condo-conversiontrend. Mission Viejo-based Las Brisas HB LLC bought the complexfrom Life of Hermosa Beach for more than $28.1 million, accordingto Peter Hauser of the Newport Beach office of Hendricks &Partners, who negotiated the sale.
A subdivision map was already in place at the Las Brisascomplex, at 7981 Bay Dr., less than a mile from the beach, at thetime of the sale. The buyer plans extensive improvements, includingthe addition of a waterscape to the entrance of the property, alongwith a new pool, spa and clubhouse, according to Hauser.
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