The Casa Granada Apartments at 400 Merrimac Way in Costa Mesa near Orange Coast College has been sold for $12 million, says broker Colliers International.
GBW Investments sold the complex, built in 1968, to CT Realty Corp. Casa Granada holds 22 one-bedroom units; 43 two-bedoom units; and a studio.
Pat Swanson of Colliers said the deal was priced at a “cap rate” – buyers’ investment yield – of 5 percent and that “what made the deal attractive to the buyer was the upside in rents, the potential to establish a program to bill back the tenants for water and trash, as well as the location.”
Read the full article at the Orange County Register.