Located at 231 Avenida Monterey, the 6,852-sf complex, which consists of 11 one-bedroom units, sits on a 14,250-sf site. Built in 1971, the complex is 100% occupied. Originally put on the market by the owner for two weeks, brokers from Morgan Skenderian Investment Real Estate Group found a buyer and put the deal together before the property could be advertised in the marketplace.
Due to a failed attempt by the buyer to assume the existing loan on the property, the escrow period was longer than normal. The new owner has no plans to renovate the property, which underwent termite work and roof repair during the escrow period.
Grant Hahn and Rick Applebaum from Morgan Skenderian's Newport Beach office represented both the buyer and the seller in the transaction.
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