Investor Acquires $16.5M apartment Complex in Huntington Beach, CA

HUNTINGTON BEACH, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Harborscape Apartments (top left photo), an 88-unit, 73,972-square foot apartment community in Huntington Beach.

 The sales price of $16.5 million represents $187,500 per unit, $223 per square foot and a cap rate of 5.4 percent.

John Nguyen, (bottom right photo) a vice president investments and a director of the firm’s National Multi Housing Group in Newport Beach, and Sheil Stampwala, a multifamily investment specialist, also in Newport Beach, represented the seller, a private investor.

“Harborscape Apartments is truly a rare investment,” says Nguyen. “The community is located in the Huntington Beach harbor area, five minutes from the wetlands preserve and the beach. There were multiple offers on the property because of its location and rarity,” adds Nguyen.

The property was built in 1970 on a 169,994-square foot lot at 5152 Heil Ave. in Huntington Beach.

The units at Harborscape Apartments are two-bedroom/one-bath single-story, two-story or private cottage. Select cottage styles have wood flooring, stainless-steel appliances, glass doors, upgraded cabinets, countertops, recessed lighting and new fixtures.

Huntington Beach, known widely as “Surf City,” is the fourth-largest city in Orange County and the 16th-largest city in California.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716