The Redondo Beach-based investor, Jack Crouse, has paid $1.2 million for the multifamily property. Known as Park Circle Apartments, the complex is located at 923-929 Park Circle.
Crouse was represented by Jay Skenderian and Ken Morgan of Morgan Skenderian Investment Real Estate Group. Both men work out of the firm's Newport Beach office. The seller, Pete DeProsperis of San Diego, was represented by Guy Torelli from Torelli Investment Realty.
Industry experts expect that multifamily will continue to thrive in the upcoming year, as demand continues to outpace supply. The current low interest rates are contributing to this imbalance between supply and demand, as owners are pulling money out of their properties by refinancing rather than selling. Values may still rise in 2002, due to the drop in interest rates, say some experts.
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