"Oak Court needs a tremendous amount of work," says Cliff David of Marcus & Millichap Real Estate Investment Brokerage Co. who represented buyer, Diane Knight. "This is a rehab opportunity."
The seller, Santa Monica, CA-based Lebreton LLC, was represented by Ric Holway of Marcus & Millichap. Oak Court was the last of four assets that Lebreton owned in the Valley and sold this year.
The two-story, garden-style buildings are centrally located near the 7th Avenue and Indian School Road. The unit mix is all one-bedroom apartments with an average size of 500 sf and average monthly rent of $391. The complex, which is 20% vacant, sold for $27,500 per unit and traded at 5% cap rate, David tells GlobeSt.com. "The idea here is to get in at a low price point and then add some value," David says.
David says Knight owns another multifamily property in the Valley. "She is interested in assets that need work," he says. He says Oak Court will need interior and exterior renovation, but the cost has yet to be determined.
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