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| The Arbors, 1100-1200 East Fairhaven Avenue, Santa Ana, CA |
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| Stewart I. Weston |
SANTA ANA, 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 The
Arbors, a 160-unit apartment complex in Santa Ana, Calif. The $28 million
sales price equates to $175,000 per unit.
IPA
senior director Stewart I. Weston and IPA associate director W.
Michael Cavner advised the seller, Marcus & Millichap senior associate Daniel
Blackwell represented the buyer, CW Investment Group LLC.
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| W. Michael Cavner |
“The Arbors is an ideal candidate for a moderate renovation
program to drive rents, taking advantage of the escalating rental and occupancy
trends which most of OC is currently experiencing,” says Weston.
““This Class B asset is within close proximity to a myriad
of Class A apartment communities, which both demonstrate renter demand for
high-end product and our projections for post renovation asking rents.” Cavner
added.
The
property was built in 1969 on 5.7 acres at 1100-1200 East Fairhaven Ave. in
Santa Ana. It is composed of 144 one-bedroom/one-bathroom units and 16
two-bedroom/two-bathroom units.
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| Daniel Blackwell |
The Arbors is a gated and lushly landscaped garden-style
community enhanced by a myriad of fountains and water features. The amenity
package includes an on-site fitness center, two laundry facilities, a
basketball and activity court, barbecue areas and two swimming pools and spas.
Interior amenities feature modern open kitchens and
pantries, ample closet space, individual and central air conditioning, gas
ranges, 14-foot vaulted ceilings in select upstairs units, stainless-steel
appliances in most units, and balcony or patio areas.
For a complete
copy of the company’s news release, please contact:
Gina Relva
Public Relations
Manager
(925) 953-1716
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