Wednesday, July 29, 2015

IPA Facilitates Sale of $20.9 Million Cypress Village Apartments in Buena Park, CA

Stewart I. Weston
BUENA PARK, CA, July 29, 2015 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of a multifamily property located at 6343 Lincoln Avenue in Buena Park, Calif.

The sales price for the 88-unit property was $20.9 million, which equates to $237,500 per unit.

            Stewart I. Weston, Alexander Garcia, and Christopher Zorbas, IPA senior directors, along with IPA associate directors, David Sperling and John Montakab, advised the seller, NNC Apartment Ventures LLC, and an institutional investor.

            “The Orange County apartment market is projected to be one of the best-performing markets throughout the country during the next few years, and more specifically, the Cypress/Buena Park submarket has remarkably strong fundamentals due to its central location with respect to major employment centers,” says Weston.   

            “With its varied amenity package and unique physical plan, Cypress Village already represents a highly desirable asset in Orange County,” says Garcia.

Alexander Garcia
            The low-density community of 17.25 units per acre creates a tranquil setting for a multifamily community – the residences are situated in 22 buildings, with half of the units only sharing one common wall. 

All single story, two-bedroom/two-bathroom floor plans average 920 square feet and 36-units feature direct access to assigned covered parking.

            “The property is in excellent physical condition benefiting from recent extensive capital improvements including renovated leasing office, upgraded landscaping, select interior enhancements, storage lockers and new signage,” adds Zorbas.

 Cypress Village was built in 1962 and has a full complement of common area facilities including a swimming pool, a clubhouse, a fully equipped fitness center, laundry facilities, a barbecue area and storage facilities. 

Additionally, as the asset is located on an expansive lot, there is an option to redevelop the land in a future market cycle.
For a complete copy of the company’s news release, please contact:
Gina Relva
Public Relations Manager

(925) 953-1716

No comments: