New Irvine Lease Part of Commercial Real Estate’s Slow Turn

The Swanson Apartment Team News

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.