SANTA ANA, CA—Marcus & Millichap has arranged the sale of Mauna Loa Apartments, a 60-unit single-story multifamily property in Santa Ana. The $14.7 million sale price equates to more than $244,000 per unit.
Tyler Leeson, vice president investments in Marcus & Millichap’s Newport Beach office, represented the seller, a limited liability company.
“Mauna Loa Apartments is a 1960s-era single-story asset with unique features like private grassy backyards and a fireplace in every unit,” says Leeson. “The property provides the new owner with a great opportunity to enhance revenue through strategic renovations.”
The property is located at 1311 Washington Ave. in Santa Ana, one-half mile from the Santa Ana Regional Transportation Center and near the Midtown district, the 1,100,000-square-foot Westfield MainPlace Mall and the Discovery Cube Orange County science museum. Disneyland is approximately seven miles away and there are 15 public parks and recreation centers, including the Santiago Creek Wildlife & Watershed Center, Santiago Park Nature Reserve and the Santa Ana Zoo at Prentice Park, within three miles.
Mauna Loa Apartments features all two-bedroom/one-bath individually metered units. Community amenities include ample parking, garages, gated entry, a swimming pool, a recreational area with barbecues, and an on-site laundry facility, manager and leasing office.