The Newport Beach-based company has sold the property to Redwood Residential LLC of Martinez. Redwood has paid more than $18.6 million for the complex, which sold at a 6.5% capitalization rate. Known as Canyon Point, the apartment community contains 124 units.
Both Northwestern Mutual Life and Redwood Residential were represented by Joe Leon of the Newport Beach office of Hendricks & Partners.
Although there has been a significant amount of sales activity here in recent months, recent research shows that multifamily occupancy levels continue to drop. The report, which was published by research firm RealFacts, points out that occupancy levels peaked in the fall of 2000 at 97.1% and have since declined continuously. The occupancy rate here now stands at 94.6%, according to the RealFacts research.
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