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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