BUENA PARK, Calif., –– Cushman & Wakefield announced the firm has brokered the sale of a 16-unit apartment community in Buena Park (Orange County), California. The garden-style property comprises two (2)-story buildings located at 8081 7th St and was fully leased at the time of sale.
The buyer was a private individual based in Orange County. The seller was a private partnership of a few individuals completing a 1031 Exchange. The property traded for $5.55 million.
Mark Bridge, Jonathan Mitchell and Trey Wheeler with Cushman & Wakefield’s Multifamily Advisory Group in Irvine represented both parties in the transaction.
“Given the strength of the overall apartment market in the city of Buena Park, the property offered an investor the ability to capture a great fully leased, stable community with convenient access to a wide variety of activities, transportation, and retail amenities,” said Mark Bridge, Managing Director.
Bridge continued, “The seller had acquired the property fully vacant in 2021 and completed significant exterior as well as interior renovations, and quickly brought the 16-unit complex to full tenancy before this disposition.”
Originally constructed in 1975, the complex consists of 12 two-bedroom units and 4 one-bedroom units. The property sits on a corner lot and features gated walk-in and parking entry, on-site laundry, carports with storage as well as uncovered parking. Units also feature private patios/balconies.
The property is located near many major retail/shopping centers, educational and employment opportunities as well as Knott’s Berry Farm theme park. It is also conveniently located next to the I-5 and I-91 freeways.
