A private investor has snapped up the 22-unit property, known as The Park Lyon Apartments. Located at 502-508 N. Lyon St., the complex consists of two buildings. It was 100% occupied at the time of sale.
The seller, Maria Barnard of Cherry Valley, was represented by Jerry Giglio of Grubb & Ellis' Anaheim office. The buyer, Roma Kruczak of Mission Viejo, was represented by Luke Clor of Remax South City.
The Park Lyons Apartments transaction marks the latest in a rash of multifamily deals to occur in Orange County in recent weeks. The county's multifamily sector has kicked off the first quarter with a strong performance, despite the recession. During unsteady economic times, the dependable nature of apartment product makes it an attractive investment, according to industry experts.
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