Colliers Participates in Sale of Multifamily Property in Calif. for $448,889/Unit
- Aug 20, 2010
San Clemente, Calif.–Colliers International directed the sale of a three-building, nine-unit apartment complex located at 265 W. Marquita here. The transaction was valued at $4,040,000 or $448,889 per unit.
A Newport Beach-based private investor, a first time buyer, acquired the property. Built in 1971, the Class A beach-front property was completely renovated in 2009 and was 100 percent occupied at the time of sale.
Pat Swanson, vice president of multifamily investments in Colliers International’s Irvine office, represented the seller, Danville, Calif.-based Marquita Pacific LP. The buyer was represented by Evergreen Realty Advisors.
“A number of first-time buyers are now entering the Orange County apartment market because they view it as a secure investment,” said Swanson. Due to the current low interest rates and upside in rents, these buyers are hedging against inflation and considering the 4 to 6 percent returns of apartment investments over the approximate half percent returns of bank certificates of deposit.”