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7/30/15
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Cypress Village, an 88-unit multifamily property in Buena Park, was acquired by an institutional investor for $20.9 mil, or $237.5k/unit. Located at 6343 Lincoln Ave, south of the 91 Fwy and east of Valley View St, the property was sold by NNC Apartment Ventures LLC.
Cypress Village was built in 1962 and has a full complement of common area facilities including a swimming pool, a clubhouse, a fully equipped fitness center, laundry facilities, a barbecue area and storage facilities. Additionally, as the asset is located on an expansive lot, there is an option to redevelop the land in a future market cycle.
The low-density community of 17.25 units per acre creates a tranquil setting for a multifamily community – the residences are situated in 22 buildings, with half of the units only sharing one common wall. All single-story, two-bedroom/two-bathroom floor plans average 920 sf and 36 units feature direct access to assigned covered parking.
Stewart I. Weston, Alexander Garcia, and Christopher Zorbas, IPA senior directors, along with IPA associate directors, David Sperling and John Montakab, advised the buyer and the seller in the transaction.
“The Orange County apartment market is projected to be one of the best-performing markets throughout the country during the next few years, and more specifically, the Cypress/Buena Park submarket has remarkably strong fundamentals due to its central location with respect to major employment centers,” says Weston.
“With its varied amenity package and unique physical plan, Cypress Village already represents a highly desirable asset in Orange County,” says Garcia.
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