Press Release brought to you by NAI Capital
Los Alamitos, CA, Tuesday, January 19, 2016– Senior Vice Presidents Christopher Arvizu andDavid Knowlton with NAI Capital completed the sale of a 150-unit apartment building located at 11152 Wallingsford Road in Los Alamitos, Calif. Arvizu and Knowlton, represented the buyer in the transaction. The buyer was Revere Investments. The seller was Given Benjamin Los Alamitos Investment Co. The property sold for $33.5 million or $223,333 per unit.
Rossmoor Manor Apartments is a well maintained 2-story 165,343 square foot garden style apartment complex on 3.9 acres. The property has a full list of on-site amenities; a central pool, spa, gym, courtyard, clubhouse, on-site laundry facilities and private parking. It was built in 1966, with a mix 1, 2, and 3 bedroom units. The property is situated in a family oriented neighbourhood in a great school district. It is just blocks from Richard Henry Lee and Rossmoor Elementary schools. Los Alamitos High School is a 3 minute car ride and Rossmoor Park is within walking distance.
“At the time of the sale the building was 99% occupied. The apartment vacancy rate is an astounding razor thin 1.6% in Los Alamitos. The rental market remains strong, contributing to escalating rents and demand from investors to add apartments to their portfolio. Market conditions made it the perfect time to sell,” Knowlton said.
Arvizu said, “Revere Investments acquired an asset with a unique blend between quality and value-add potential in the prestigious neighbourhood of Rossmoor in Orange County. The opportunity to purchase 150-units on a single 3.9 acre lot in Orange County’s highly competitive multifamily market place is irreplaceable.”
About NAI Capital
NAI Capital Company is one of the Southern California’s leading full-service commercial real estate organizations, providing a complete range of transaction, property management and consulting services. NAI Capital is one of the largest members of NAI Global, a premier real estate service network with 375 offices and 6,700 market leaders spanning the globe. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, corporate occupants and investors throughout Southern California. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #00806840.