Due to the volatility and uncertainty in the financial markets, we are continuing to see investors with pent up capital enter the investment real estate market for an alternative yield source.
Irvine, CA (PRWEB) February 10, 2012
Investment Capital Real Estate, a Southern California investment real estate brokerage firm specializing in the sale of multifamily properties, announced today that Ignacio Diaz Jr., President of Investment Capital Real Estate, represented the buyer in the sale of a 16 unit apartment building in Anaheim, Calif.
The purchase price was $1,686,000.
The property is located at 923-929 South Park Circle; major cross streets are West Ball Road and South Euclid Street. Built in 1959 the apartment complex consisted of two side by side eight unit buildings on separate parcels with a total of 12,560 rent-able-square-feet. The unit mix is comprised of four two bedrooms and twelve one bedroom units. The property was 82% occupied at the time of sale.
“The escrow for the apartment building took a total of 30 days and was purchased all cash, which is rare given the low interest rates and favorable lending options available for these assets in Orange County,” said Ignacio Diaz Jr., President of Investment Capital Real Estate. “The deal represented an excellent opportunity for the buyer to stabilize the rents and generate a cash flow of over 8%.”
“Due to the volatility and uncertainty in the financial markets, we are continuing to see investors with pent up capital enter the investment real estate market for an alternative yield source.” Diaz said. “This should continue to maintain the demand for apartment investments in Orange County steady into the coming year.”
Both the buyer and the seller were private family trusts based in Orange County.
About Investment Capital Real Estate
Built on a solid foundation of performance, integrity, dedication and with investor satisfaction as the company's highest priority, Investment Capital Real Estate is a Southern California multifamily advisory firm and brokerage with a proven track record of delivering first class investment real estate services with superior results that consistently exceed client expectations. ICRE´s expertise, commitment and unwavering focus of putting the client's needs first have continued to set the company apart in the apartment sales industry.
ICRE works closely with private investors, lending institutions, developers, and institutional property owners in every facet of a transaction to insure that the highest value is achieved through all investment objective levels. Clients rely on ICRE for multifamily / apartment valuation services, market information, capital management, dispositions and acquisitions. For more information, visit the Company’s website at http://www.investmentcapitalre.com or call (949) 201-8817.