Mesa Terrace Apartment Homes LLC of San Marino, CA purchased La Casa Mesa at 1224 E. Evergreen St. from the Henryetta F. Hager Revocable Living Trust of Bend, OR in a deal that allowed the new owners to satisfy a 1031 Exchange from the sale of two apartments in California.

Michael Pagan with Marcus & Millichap-Los Angeles tells GlobeSt.com that the apartment complex was an excellent investment for the group even though the property had a vacancy rate of 30% at the time of closing. "It really is a $4.1-million property once it is stabilized," said Pagan. "It was a value-added deal for them."

Built in 1976 in a residential neighborhood near Stapley Road and Evergreen Street, the renamed Mesa Terrace complex is comprised of 86 two-bedroom units positioned on 3.3 acres along with a swimming pool, on-site laundry facilities, barbeque pits and covered parking. The units, which rent for $550 per month, are priced below the current $610 per month market rate, Pagan said, giving the new owners the opportunity to increase leasing rates.