October 2, 2016
Calabasas, CA-based Marcus & Millichap’s Institutional Property Advisors (IPA) division closed the $60.25-million sale of Casa Monterrey, a 208-unit apartment community in Huntington Beach, CA. The buyer was San Jose, CA-based Saratoga Capital Inc. The seller was an unnamed local family office.
Originally built in 1970, the property underwent more than $4.2-million in capital improvements since 2007. Yet, an opportunity still exists to “elevate the standard of rental living via targeted interior and community enhancements,” says Marcus & Millichap’s Joseph Berkson.
IPA’s Stewart I. Weston says, “a wide range of investor profiles” were attracted to “an institutionally sized multifamily asset in coastal Orange County with a value-add component.”
Berkson and Weston, along with IPA’s Christopher Zorbas, Alexander Garcia, Jr., David Sperling and John Montakab represented the seller, and procured the buyer.
For comments, questions or concerns, please contact Dennis Kaiser