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| Stewart I. Weston |
BUENA PARK, CA, July 29,
2015 – Institutional Property Advisors (IPA), a division of Marcus &
Millichap specializing in serving institutional and major private real estate
investors, is pleased to announce the sale of a multifamily property located at
6343 Lincoln Avenue in Buena Park, Calif.
The sales price for the
88-unit property was $20.9 million, which equates to $237,500 per unit.
Stewart I. Weston, Alexander
Garcia, and Christopher Zorbas, IPA senior directors, along with IPA
associate directors, David Sperling
and John Montakab, advised the seller, NNC Apartment Ventures LLC, and an
institutional investor.
“The Orange County apartment market
is projected to be one of the best-performing markets throughout the country
during the next few years, and more specifically, the Cypress/Buena Park
submarket has remarkably strong fundamentals due to its central location with
respect to major employment centers,” says Weston.
“With its varied amenity package
and unique physical plan, Cypress Village already represents a highly desirable
asset in Orange County,” says Garcia.
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| Alexander Garcia |
The low-density community of 17.25
units per acre creates a tranquil setting for a multifamily community – the
residences are situated in 22 buildings, with half of the units only sharing
one common wall.
All single story, two-bedroom/two-bathroom floor plans average
920 square feet and 36-units feature direct access to assigned covered parking.
“The property is in excellent
physical condition benefiting from recent extensive capital improvements
including renovated leasing office, upgraded landscaping, select interior
enhancements, storage lockers and new signage,” adds Zorbas.
Cypress Village was built in 1962 and has a
full complement of common area facilities including a swimming pool, a
clubhouse, a fully equipped fitness center, laundry facilities, a barbecue area
and storage facilities.
Additionally, as
the asset is located on an expansive lot, there is an option to redevelop the
land in a future market cycle.
For a complete copy of the company’s news release,
please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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