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6/19/15
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Structure Property Management Group Inc has acquired Villa Grande, a fully occupied 44-unit apartment property in Buena Park, for $8.625 mil ($196k/unit). The property is located at 7720 Crescent Ave, at a signalized intersection across the street from Knott’s Berry Farm.
Built in 1971, the property consists of two buildings on 1.3 acres. Villa Grande includes 30 one-bedroom units and 14 two-bedroom units featuring patios or balconies, walk-in closets and fireplaces. The property’s on-site amenities include a pool and spa, recreation room, gated entry and covered parking. It is situated near to the 91 and 5 freeways.
The acquisition was completed with a combination of the proceeds from the successful sale of Structure PMG’s 20-unit apartment property located at 317 S. Flower St in Santa Ana, in a 1031 exchange, and the addition of new investors, along with a $5.6 mil loan secured with Chase Bank. The closing cap rate was 4.77 percent and the property sold at a price per square foot of $219.
Structure PMG, a Santa Ana-based real estate investment and property management firm, currently owns five multifamily properties and provides third-party property management to more than 10 multifamily and commercial properties. The company plans to improve revenue at Villa Grande by reducing operational costs, as well as making significant capital improvements to the property interior and exterior over the next several months.
Ken Morgan of Morgan-Skenderian Investment Real Estate Group represented Structure PMG, a Santa Ana-based real estate investment and property management firm that currently owns five multifamily properties and provides third-party property management to more than 10 multifamily and commercial properties. The seller, Sue Pebley Management LP, was repped by Jay Skenderian of Morgan-Skenderian Investment Real Estate Group. Amos Smith of Walker & Dunlop arranged the financing.
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