Low-Density Community Expected to Earn High-Level Returns
- Aug 03, 2015
In a $20.9 million deal, a Buena Park residential community has recently been snapped up by an institutional investor. Seller NNC Apartment Ventures parted ways with the asset at a per-unit price of $237,000. The transaction was arranged on behalf of both parties by a team consisting of IPA Senior Directors Stewart I. Weston, Alexander Garcia and Christopher Zorbas, as well as Associate Directors David Sperling, and John Montakab.
Located at 6343 Lincoln Ave. in Buena Park, the property known as Cypress Village offers a total of 88 residential units. Originally developed in 1962, the low-density community has an average of 17.25 units per-acre. Residences at Cypress Village offer an amenity package featuring a swimming pool, clubhouse, fitness facility, laundry facility, storage space, as well as BBQ area. Its placement south of the 91 Fwy. and east of Valley St. on a sprawling lot, allows the opportunity for extensive redevelopment.
As it stands now, the 50-year-old community consists of 22 single-story buildings. Units here are all two-bedroom/two-bathroom apartments, with less than half offering direct access to assigned covered parking. IPA representatives commented that “the Orange County apartment market is projected to be one of the best-performing markets throughout the country during the next few years,” while also highlighting strong market fundamentals and the property’s central location and proximity to employment centers.