OC Community Changes Hands in 1031 Exchange
- Jul 16, 2018
Avison Young has brokered the sale of Sundance West Apartment Homes, a 41-unit community in Costa Mesa, Calif. Principal Peter Hauser and Associate Matt Hauser of the company’s Irvine office represented Mariman & Co., who sold the asset for $16.3 million, or nearly $399,000 per unit.
The brokerage team also represented the buyer, a private family investment partnership that was coming out of a 1031 exchange and assumed the existing Sundance West Apartment Homes loan with Chase Bank. The price is not unusual for the Orange County market, as recently the same brokerage team facilitated the $417,000-per-unit sale of Parkview Apartment Homes.
Located at 1990-2002 Maple Avenue, Sundance West is close to Newport Beach and is within a 10-minute drive of South Coast Plaza. Retail, entertainment and dining venues are also nearby. Completed in 1965, the property features 40 two- and three-bedroom units and one studio. Common-area amenities include a pool, additional storage, laundry facilities and 69 parking spaces. More than half of the units have undergone interior renovations.
“Only 10 other apartment properties have sold for over $15 million in all of Orange County this year. With so few apartment complexes for sale, there is pent-up investor demand here, especially for assets like Sundance West that are near the coast and are located in close proximity to large employment centers”, Peter Hauser said in a prepared statement.
Image courtesy of Avison Young
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