COSTA MESA, CA—Triqor Group has completed the sale of Harbor Townhouse Apartments, a well maintained, first-time-to-market property. The 84-unit complex, comprised of mostly two bedroom apartments, sold for $258,000 per unit at a record low cap rate in Orange County.
Triqor Group's Gary Tolfa and Chris Pettit represented the original developers of Harbor Townhouse Apartments and family-held corporation, W.R. Mirams Inc.
“Due to the fact that the seller has continuously maintained the property throughout the years of owning it from the ground up, we were confident that an astute investor would immediately recognize a genuine value-add opportunity,” stated Pettit, multifamily investment advisor for Orange County markets.
The buyer was Sack Properties, an equity backed firm based out of San Francisco that was “able to see the potential in the future opportunity to reposition a quality asset,” the seller state in a release. Sack Properties was sourced through Triqor Group's collaborative marketing platform, ultimately beating out multiple competitive offers in the transaction.
COSTA MESA, CA—Triqor Group has completed the sale of Harbor Townhouse Apartments, a well maintained, first-time-to-market property. The 84-unit complex, comprised of mostly two bedroom apartments, sold for $258,000 per unit at a record low cap rate in Orange County.
Triqor Group's Gary Tolfa and Chris Pettit represented the original developers of Harbor Townhouse Apartments and family-held corporation, W.R. Mirams Inc.
“Due to the fact that the seller has continuously maintained the property throughout the years of owning it from the ground up, we were confident that an astute investor would immediately recognize a genuine value-add opportunity,” stated Pettit, multifamily investment advisor for Orange County markets.
The buyer was Sack Properties, an equity backed firm based out of San Francisco that was “able to see the potential in the future opportunity to reposition a quality asset,” the seller state in a release. Sack Properties was sourced through Triqor Group's collaborative marketing platform, ultimately beating out multiple competitive offers in the transaction.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
