COSTA MESA, CA, Oct. 11, 2011 – Colliers International, the second largest global real estate services organization, has completed the sale of 65-unit Casa Granada Apartments (top left photo) located at 400 Merrimac Way, Costa Mesa, Calif. The transaction is valued at $11.980 million.
Pat Swanson, Vice President, based in Colliers’ Orange County office represented both the Seller, GBW Investments, and the Buyer, CT Realty Corp.
Built in 1968, Casa Granada Apartments offer pool, patios, garages and carports and are consisted 22 units of 1BD/1BA, 28 units of 2BD/1BA, 13 units of 2BD/1.5BA, and two units of 2BD/2BA, and one Studio (non-conforming).
“We sold this apartment complex at a 5.0% cap rate,” said Swanson. “What made the deal attractive to the Buyer was the upside in rents, the potential to establish a "RUBS" program to bill back the tenants for water and trash, as well as the location, adjacent to Orange Coast College in West Costa Mesa.”
Colliers International Sells the Former Metropolitan Water District Headquarters in Downtown Los Angeles
Armando Aguirre, Senior Vice President, and Jesse Munoz, Senior Associate, both based in Colliers International’s Downtown Los Angeles office represented the Buyer, 1111 Sunset LLC, a Downtown Los Angeles-based real estate developer of mixed use, urban infill communities.
The Seller is 1111 Sunset Blvd., LP, represented by Phillip Sample, Chris Caras and Brendon Monaghan of Grubb & Ellis.
The property was a portion of the former Metropolitan Water District Headquarters in the early 1990s. The seven story office building which has spectacular views of the city was previously entitled for residential.
It is proposed to be converted to +/- 92 Units of residential housing by the Buyer. It is conveniently located just west of the Harbor (110) Freeway and north of the Ventura (101) Freeway on the northwest border of both Downtown Los Angeles and Chinatown.
It is proposed to be converted to +/- 92 Units of residential housing by the Buyer. It is conveniently located just west of the Harbor (110) Freeway and north of the Ventura (101) Freeway on the northwest border of both Downtown Los Angeles and Chinatown.
*This transaction required a collaborative effort from all parties involved,” said Aguirre. “Both Buyer and Seller had to overcome difficult hurdles, including municipality regulations, title issues and challenging market conditions.”
*The building is located where Angelino Heights and Chinatown (lower right photo) converge, bordering the Central Business District of Downtown Los Angeles.
This area, shadowing Dodger Stadium (middle left photo) above, provides excellent economic fundamentals with tremendous number of employment centers, transportation, and lies in close proximity to shopping and restaurants, and other major development projects,” added Munoz.
This area, shadowing Dodger Stadium (middle left photo) above, provides excellent economic fundamentals with tremendous number of employment centers, transportation, and lies in close proximity to shopping and restaurants, and other major development projects,” added Munoz.
Contact:
Angela S. Hwang
Regional Marketing Coordinator | Greater Los Angeles
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258
Colliers International
865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA
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