2/13/2008

Two California multi-family properties fetch $13.6M

by
Hendricks & Partners has sold two apartment communities in California totaling 52 units for $13.6 million.

Kevin Lutz of the firm's Pasadena office represented a New York-based limited liability company in the $5 million purchase of the Tropicana apartments in Arcadia, Calif. The 34-unit complex is located at 1030 West Huntington Drive and was sold by a consortium of sellers representing several family trusts in Arcadia.

The apartment community sold for $242.94 per square foot with a 4.24 capitalization rate.

In Newport Beach, Steven Brombal represented both the buyer and seller in the $8.6 million sale of the Eastbluff Townhomes. The 18-unit apartment complex is located at 837-871 Amigos Way and sold for $477,778 per unit. Built in 1969, ten of the 18 units have been fully renovated.

Address: 1030 West Huntington Drive, Arcadia, Calif.
- 837-871 Amigos Way, Newport Beach, Calif.

Size: 52 total units

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Filed Under: Multi-Family

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