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OC Buyer Acquires 256 Units for $40M

MONTEBELLO, CA-Advanced Real Estate Services Inc. of Lake Forest buys the Somerset on Garfield complex from Kennedy Wilson.

By Bob Howard | Updated on October 09, 2007

(Read more on the multifamily market.)

MONTEBELLO, CA-Advanced Real Estate Services Inc. of Lake Forest has acquired the 256-unit Somerset on Garfield apartment complex from Beverly Hills-based Kennedy Wilson for $40 million, according to Marcus & Millichap. Vice president of investments Ron Harris of Marcus & Millichap, who brokered the sale along with vice president of investments Stewart I. Weston of the firm’s Long Beach office, tells GlobeSt.com that the newly renovated property sits on 12.5 acres of land, making it a “very, very low density project.”

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