At a 5.18% cap and a price of $205/sf, this was a record sale for an apartment building in this Orange County location and better than the next nearest comparable sale.
Irvine, CA (PRWEB) January 03, 2014
Investment Capital Real Estate, a Southern California investment real estate brokerage firm specializing in the sale of multi-family properties, announced today that Ignacio Diaz Jr., President of Investment Capital Real Estate, represented the sale of a nine-unit apartment building in La Habra, Calif. The purchase price was $1,165,000, which represented a price per square-foot of $205.
Located at 341-51 North Bedford Street, the apartment complex consists of two side-by-side buildings, on separate parcels, with total rentable-square-feet of 5,674. Built in 1957, the unit mix is comprised of one two-bedroom and eight one-bedroom apartments. The property was 100% occupied with long-term tenants at the time of sale.
“At a 5.18% cap and a price of $205/sf, this was a record sale for an apartment building in this Orange County location and better than the next nearest comparable sale,” said Ignacio Diaz Jr., President of Investment Capital Real Estate. “Furthermore, despite some deferred maintenance present, we focused on the feature upside in rents, the strong rental market and the value-add potential of the property as the main selling points to offset the record price paid for the asset.”
In addition to representing the seller, Investment Capital Real Estate directly sourced a local private investor. The seller was a private investor based in Walnut, Calif.
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 multi-family 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 multi-family / 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.