LA HABRA, CA-Il Pompeii Apartments, a 111-unit luxury-apartment complex here, has been sold to a local capital buyer for $19 million. The purchase price equates to approximately $171,000 per unit or $204 per square foot.

IPA (a multifamily brokerage division of Marcus & Millichap) senior director Stewart Weston, associate director W. Michael Cavner and Marcus & Millichap VP investments John Nguyen advised the seller on the transaction. “Il Pompeii Apartments is atypical of many properties within its vintage,” said Weston in a prepared statement. “The seller and original developer incorporated a number of forward-thinking key amenities and construction features into the original plan.”

Ngyuyen added that the asset's investment appeal was “driven by strong submarket occupancy and rental-growth trends. All units in this community are commanding market-rate rents.” Cavner said that the asset had been delivered “free and clear, allowing the new owner to take advantage of historically low interest rates.”

Set on five acres and consisting of 11 separate buildings, the two-story residential community is made up of one-, two- and three-bedroom townhouse-style apartment homes. Constructed in 1969, the complex is accentuated with a stucco sliding and pitched tile roofs. Amenities include a swimming pool with sundeck, a community room, large grass courtyards and greenbelts, beautiful fountains and water features and barbecue and picnic areas. Select units have been renovated with new flooring, two-tone paint, new appliances, cabinetry, lighting and water fixtures.

Key amenities and construction features that were incorporated into the original plan include central air conditioning and heating, copper piping throughout, lead-free paint inside and out and building materials manufactured without asbestos. GlobeSt.com was unable to reach the executives prior to deadline to discuss the seller's identity or the reasoning behind the forward-thinking amenities.

As GlobeSt.com reported in January, organizing a Union Bank-occupied property sale as a single-tenant transaction and arranging carry-back financing for the shops property sale within La Habra Town Center helped maximize profitability for the seller, Dennis Vaccaro, senior managing director with Faris Lee Investments, told GlobeSt.com. As GlobeSt.com had reported exclusively, the two properties within La Habra Town Center here had been sold to two different buyers as part of a break-up strategy by owner/developer La Habra Town Center LLC of Newport Beach, CA; Vaccaro and senior managing director Nicholas Coo represented the seller.