HUNTINGTON BEACH, CA—Marcus & Millichap says its Institutional Property Advisors (IPA) division has closed the sale of Casa Monterrey, a 208-unit apartment community here. The $60,250,000 sales price equates to nearly $290,000 per unit. The asset had been owned and operated by a local family office since 1974.
“Originally constructed in 1970 and impeccably maintained by previous ownership, Casa Monterrey Apartment Homes has undergone over $4.2 million in upgrades since 2007, and yet the opportunity remains to elevate the standard of rental living via targeted interior and community enhancements,” said Joseph Berkson, Marcus & Millichap first vice president investments.
“The rare opportunity to acquire an institutionally sized multifamily asset in coastal Orange County with a value-add component, allowed us to generate significant interest in the offering from a wide range of investor profiles,” added Stewart Weston, IPA executive director.
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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.
