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WESTMINSTER, CA-The recent sale of the 52-unit Trask Apartments to a 1031 exchange buyer closed in 22 days, including 69% loan-to-value debt by Wachovia, according to the Hendricks & Partners broker who represented the buyer. Steven Brombal of the Newport Beach office of Hendricks & Partners tells GlobeSt.com that the property generated competitive bidding even though the complex was “an under-the-radar-screen offering.”

Brombal notes that this was the first time in 20 years that the complex, at 7731 Trask Ave. in Westminster, has been on the market. The deal “underscores that fresh inventory, in a very solid rental neighborhood, with excellent unit mix, and attractive amenities sells in this market.”

The seller was long-term owner Trask Limited Partnership of Rohnert Park, CA. The buyer was RMC/Tracy, LLC of Newport Beach, CA. The new loan carries an interest rate of 5.54% fixed for five years.

The Trask Apartments, which sold for $8.9 million, is a garden apartment complex that comprises 13 buildings on 2.8 acres. It features 36 two-bedroom units and 16 three-bedroom apartments that average 1,021 sf.

Brombal notes that the location is in a highly desirable area of Westminster adjacent to the newer Westminster Gateway neighborhood center, which includes Lowe’s and Wal-Mart. The location is close to the 22 Freeway access, the 405 Freeway, Pacific Coast Highway and Beach Boulevard.

The closing price, net of a $150,000 credit for roof and termite repairs, represents a 5.31% cap rate, $171,154 per unit, $159.61 per sf and a 10.21 gross rent multiplier. Average monthly rents at closing were $1,306 for the two-bedroom units and $1,602 for the three-bedroom units.

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