The nine-unit property is located at 1552 Miramar Dr. on Balboa Peninsula Point. The complex, which consists of two buildings, was 100% occupied at the time of sale.
James and Lorie Collins procured the complex from the Robert E. Parker Trust of Long Beach. David Eagle of Grubb & Ellis' Newport Beach office acted on behalf of the buyers.
These smaller transactions have been buoying the county's multifamily market in recent weeks. Recent deals include the sale of a 15-unit apartment property in Stanton, known as First Street Apartments.
The property, which is located at 7872-7882 First Street, was purchased by a Huntington Beach-based private investor. The buyer, Brian Farmer, paid $1.2 million for the complex. He acquired the property from another private investor, Andrew Peceimer of Burlingame.
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