OC Community Commands $417K Per Unit
- Mar 02, 2018
Cameron Properties Inc. has purchased Parkview Apartment Homes, a 22-unit community in Buena Park, Calif., for $9.2 million, or $417,000 per unit. Avison Young brokered the sale of the asset on behalf of the buyer, while Dan Blackwell of CBRE represented Brandywine Homes, the developer and seller. The closing cap rate was 3.96 percent.
Located at 6785 Knott Ave., the property is near the intersection of Interstate 5 and the Artesia Freeway, approximately 20 miles from downtown Los Angeles and Irvine, Calif. Additionally, the property is one mile from The Source, a 400,000-square-foot entertainment, dining and shopping venue.
Built in 2014, Parkview occupies 1.1 acres and features a mix of two-bedroom, single-level units and two-story townhomes, averaging roughly 1,000 square feet. The apartments also feature high ceilings, granite countertops, high-end finishes, state-of-the-art appliances, and washers/dryers.
“Our client was seeking a turnkey, quality apartment asset in a dense, infill location for a long-term hold,” said Principal Peter Hauser of Avison Young, in prepared remarks. “We identified Parkview Apartment Homes, which checked all the boxes on our requirements, and then some, as the property is located in the heart of an area overflowing with entertainment, retail and dining amenities. All of these factors translate into a strong employment base and continued tenant demand.”
Image courtesy of Google Street View