The renovations included "just about everything," May says, such as laying ceramic tile in all the common areas, including the apartments, except the bedroom; painting the exterior and interior; putting on a new roof; and replacing almost every air conditioner.

The recently completed major renovation cost $3.57 million, or $10,142 per unit. The property was built in 1975 on 6.03 acres of land with about 243,200 net rentable sf.

The property was 92% occupied at the closing of the most recent sale. The buyer assumed an existing note of $14.26 million until December 2012.

The property consists of 280 one-bedroom/one-bath units, each 650 sf, along with 72 two-bedroom/two-bath units, each 850 sf. Amenities include a gated entry, an Olympic-size pool, two tennis courts, views of the city line from every unit and tropical landscaping.

JBM Realty Advisors, a large multifamily brokerage, represented Kings La Costa Associates LP as the only broker involved in the most recent sale.

"It was a great price," May says. "The cap rate was decent." The unit price would have been even higher--in the $60,000s--had they been all two-bedroom units, he says.