Built in 1965, the complex is located at 1491 Glassell St. It features large units with fireplaces and enclosed garages, according to Cray Carlson, a Marcus & Millichap broker who worked on the deal. The complex, which sold at a 6.94% capitalization rate, has upside potential, Carlson says. Only two of the property's 74 units were vacant at the time of sale.
The buyer, Advanced Real Estate Services, was represented by Carlson. The seller, David Tsoong, was represented by Carlson and Kevin Struve, who are both based in Marcus & Millichap's Ontario office.
Multifamily sales continue to buoy the county's commercial real estate market. Recent deals here include the $8.3-million sale of the Cypress Village Apartments and the $8.5-million sale of the Cypress Gardens Apartments.
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