$30.1 Million Buys Multifamily Asset in Orange County
LA HABRA, Calif., March 28, 2017 – 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 Monterra Springs Apartment Homes, a 111-unit multifamily community in La Habra, California. The $30.1 million sales price equates to more than $271,000 per unit.
“Monterra Springs Apartment Homes recently underwent a property repositioning effort to elevate the living standard, enhancing both the unit interiors and community amenities,” says Alexander Garcia Jr., IPA senior director. “The previous owner invested more than $1.5 million in upgrades over the last three years and new ownership has an opportunity to achieve greater revenue upside through the continuation of the interior renovation program.”
Garcia, along with IPA senior director Christopher Zorbas, David Sperling, IPA senior director, and Michael Cavner, IPA associate, represented the unnamed seller, and procured the buyer, who acquired the asset via a 1031 exchange.
“Investors see the high growth potential of this area, which is fueled by its proximity to major employment centers across Southern California,” notes Zorbas. “Attracted by Orange County’s outstanding fundamentals, multifamily investors are finding local investment opportunities irresistible.”
Built in 1969 on five acres, Monterra Springs Apartment Homes is located at 861 South Glencliff St. in La Habra, which is in the northwestern corner of Orange County near Los Angeles County. The community is close to both counties’ largest employment centers, and within walking distance of more than 1.3 million square feet of retail space on Imperial Highway.