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Huntington Beach Complex Fetches $8.4M

HUNTINGTON BEACH, CA-The property is on what Hendricks & Partners' Joe Leon calls "a highly favorable ground lease" that never reappraises and includes the possibility of purchasing the land.

By Bob Howard | Updated on November 04, 2002

HUNTINGTON BEACH, CA-Aynem Investments of Huntington Beach has bought the 65-unit Ocean Air apartment complex at 7811 Talbert Ave. for $8.4 million from HB Ocean Air LLC of San Francisco, according to Joe Leon of Hendricks & Partners, who brokered the deal.

The complex was built in 1965 and consists of 16 single-story and two-story, wood-frame, garden-style buildings. Its 65 units include 32 two-bedroom, one-and-a-half bath units of 1,012 sf renting from $1,325; 16 two-bedroom, one-and-a-half bath townhouse style units of 1,015 sf renting for $1,275; 16 two-bedroom, one-bath units of 950 sf renting for $1,200 and one one-bedroom, one-bath of 650 sf at $900. The seller had owned Ocean Air for about two years, and it was 95% occupied at the time of the sale.

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