286-Unit Complex Hits Market at $57M

ANAHEIM, CA-Kennedy Wilson of Beverly Hills has placed its 286-unit Mariposa Apartments on the market at an asking price of $56.5 million and has named Stewart Weston of the Long Beach office of Marcus & Millichap as the listing agent for the property. Weston, senior vice president of investments and senior director of Marcus & Millichap’s National Multi Housing Group in Long Beach, tells GlobeSt.com that the property is the 10th largest multifamily asset in Anaheim and is among the largest to go on the market this year.

Located at 175-211 S. Rio Vista St., the Mariposa complex consists of two two-story buildings situated on an 11.5-acre site that is close to freeways, shopping and a number of Orange County attractions. Weston says that the property offers the potential for rent-growth through hands-on management and the completion of interior and exterior renovation plans that Kennedy Wilson began. He adds that the new owner will be able to capitalize on “the enormous gap between renting and home ownership,” in the market.

Built in 1969, the Mariposa complex is approximately 92% occupied and was known as Vista Pointe before Kennedy Wilson bought it. The Beverly Hills-based firm bought the complex from Essex Property Trust for $46 million in a joint venture with equity investors MC Realty and Kenedix, with Wachovia providing the financing, according to a GlobeSt.com report at the time.

The Mariposa property features a mix of one- and two-bedroom units, plus common area amenities including controlled access, garage parking, a fitness center, a clubhouse, a playground, two swimming pools, a spa and three on-site laundry facilities. Its location is close to the 57, 91 and 5 freeways as well as Disneyland, Edison Field and the Anaheim Convention Center.