The buyer, Irvine-based Granite Investment Group LLC, plans to sink $1.4 million in capital improvements to the property over the next 12 to 18 months. Completed in 1972, the Lake Apartments complex was 97% occupied at the time of sale. It consists of 14 studios, 98 one-bedroom and one-bathroom units and 24 two-bedroom and two-bathroom units, which range in size from 414 sf to 1,100 sf. Monthly rents start at $670 and go as high as $1,400.
Aside from the lake, which is complete with night lights, fountains, fish and ducks, the complex features swimming and hydrotherapy pools and a sauna. Additional amenities include a clubhouse, leasing office, billiard rooms and laundry facilities.
Granite Investment Group was represented by Jonathan Mitchell and Gordon Reese of the Newport Beach office of Marcus & Millichap Real Estate Investment Brokerage Co. The two brokers had the exclusive listing to market the property for the seller, Larkspur-based Fowler, Shore & Flanagan LLC.
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