San Clemente, Calif.–Colliers International directed the sale of a three-building, nine-unit apartment complex located at 265 W. Marquita here. The transaction was valued at $4,040,000 or $448,889 per unit.
A Newport Beach-based private investor, a first time buyer, acquired the property. Built in 1971, the Class A beach-front property was completely renovated in 2009 and was 100 percent occupied at the time of sale.
Pat Swanson, vice president of multifamily investments in Colliers International’s Irvine office, represented the seller, Danville, Calif.-based Marquita Pacific LP. The buyer was represented by Evergreen Realty Advisors.
Read the full article at Multi-Housing News.