Friday, April 19, 2013

$19 Million Luxury Apartment Complex Sale Brokered by IPA in La Habra, CA




                                      Il Pompeii Apartments, La Habra, Orange County, CA

LA HABRA, CA – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Il Pompeii Apartments, a 111-unit luxury apartment complex in La Habra, Orange County, Calif.

Stewart I. Weston
The $19,000,000 sales price equates to approximately $171,000 per unit and $204 per square foot.

IPA senior director Stewart I. Weston, IPA associate director W. Michael Cavner and Marcus & Millichap vice president investments John L. Nguyen advised the seller. The buyer is a local capital buyer.

“Il Pompeii Apartments is atypical of many properties within its vintage,” says Weston. “The seller and original developer incorporated a number of forward-thinking key amenities and construction features into the original plan.” 

W. Michael
Cavner
“The investment appeal of this asset is driven by strong submarket occupancy and rental growth trends,” adds Nguyen. “All units in this community are commanding market-rate rents.”

“The property has been delivered free and clear, allowing the new owner to take advantage of historically low interest rates,” Cavner concludes.

Situated on five acres and consisting of 11 separate buildings, the two-story residential community is made up of one-, two- and three-bedroom townhouse-style apartment homes.

John L. Nguyen
Constructed in 1969, Il Pompeii Apartments is accentuated with a stucco siding and pitched tile roofs.  Amenities include a swimming pool with sundeck, a community room, large grass courtyards and greenbelts, beautiful fountains and water features, and barbecue and picnic areas. Select units have been renovated with new flooring, two-tone paint, new appliances, cabinetry, lighting and faucet fixtures.

Key amenities and construction features that were incorporated into the original plan include central air conditioning and heating, copper piping throughout, lead-free paint inside and out, and building materials manufactured without asbestos.

For a complete copy of the company’s news release, please contact:

.Ben Johnson
 Marketing Director
(925) 953-1736

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