WESTMINSTER, CA—Institutional Property Advisors, a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, has closed the sale of Villa Pacific Townhomes, a 136-unit apartment community located in the coastal infill submarket of Westminster. The sales price of nearly $35.6 million equates to more than $261,000 per unit.

"Villa Pacific Townhomes is the only institutionally sized, all-townhome community in the immediate area," says Instituitional Property Advisors (IPA) senior director Stewart Weston. "It is a well-maintained multifamily asset with existing cash flow that provides the new owner with the opportunity to capture significant rent increases through a well-executed common area and unit enhancement program."

Weston, along with IPA senior directors Alexander Garcia, Jr. and Christopher Zorbas, and IPA associate directors David Sperling and John Montakab, represented the seller, a San Francisco-based investor, and procured the buyer, a private investor.

Michael Derk, first vice president, IPA Capital Markets, arranged $25.13 million in acquisition financing.

"We procured a five-year fixed loan at an interest rate of 3.12 percent," said Derk. "The first five years of the ten-year loan are interest-only and then it converts to a 30-year amortization for the remainder of the term. The prepay is only 2% for the first year and 1% for the second."

The property is located at 14452 Goldenwest St. in Westminster, two blocks from the city of Huntington Beach and just minutes from the Pacific Ocean. Built in 1963 on a highly visible 6.56-acre lot, Villa Pacific Townhomes' expansive footprint, private cul-de-sac, and all two-bedroom/one and one-half bath townhouse-style floor plans give the community a residential home-like feel. Community amenities include two resort-style swimming pools, a fitness center with cardio equipment, and controlled-access entry. The spacious townhouse-style apartments features expansive private patios.