Brian Hawkins of Hendricks & Partners tells GlobeSt.com that the deal reflects the rising values in the Southern California apartment market. The Palm Terrace complex was marketed for $3.8 million last year and didn't sell at that price. In today's market, Hawkins tells GlobeSt.com, the sales price of $56,579 per unit is "right about where the market is."
Hawkins, Chris Cockerham and Peter Hauser of Hendricks represented the seller, while the buyer was represented by Paul Runkle of Hendricks.
The property is a two-story wood frame complex that was built in 1985 and had been owned by the seller since 1995. It consists of 35 one-bedroom units renting for $675 to $695 and 41 two-bedroom units renting for $825-$840. The complex as 90% occupied at the time of the sale.
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