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MULTIFAMILY NEWS
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Cypress School District Spends Over $26 Mil on Two SoCal Apartment Properties

11/25/15

Cypress School District acquired two SoCal multifamily properties totaling 81 units in a deal valued at $26.7 mil, or about $330k/unit. The revenue from this investment is expected to support local educational programming for students of the Cypress School District.

Over the past five years the District has worked with the community to determine the best use for underutilized school sites. A community advisory committee, formed in 2011, developed a plan for six surplus property school sites. As part of that plan, two sites were identified for redevelopment and sold: Mackay Elementary School, which had been closed for over three decades, and Dickerson Elementary School that closed in 2009 due to declining enrollment.

The funds for this recent purchase came from the sale proceeds of the two closed school sites, which totaled over $30.5 mil. From that sale the District entered into exchange agreements for these two properties.

One of the properties is Coast Apartments, a 65‐unit multifamily property located at 400 Merrimac Way in Costa Mesa, which was acquired for $20.05 mil ($308k/unit). The property is three stories and has had many exterior and interior upgrades. It features lush landscaping, an on-site leasing office, as well as on-site laundry and parking. Adjacent to Orange Coast College the property is centrally located to many Orange County attractions.

The other purchase was for Azure Apartments, a 16-unit building located at 2704 Vanderbilt Lane in Redondo Beach. That acquisition went for $6.65 mil ($416k/unit). The turn-key asset offers an excellent unit mix and on-site parking garage. The property sits minutes away from the South Bay Galleria, as well as, many other South Bay destinations.

Cypress School District plans to use the net income generated from these properties to support its educational program and provide enriched learning opportunities for students. The remaining funds of the sale and purchase will be used for capital outlay expenses to support the district’s facilities master plan.

Christopher Arvizu and David Knowlton, CCIM, SIOR, with NAI Capital’s Multifamily Services Group represented Cypress School District in the deal.

“The community will also benefit from the redevelopment of the former Mackay site which includes a 2.9-acre city park and 47 single‐family detached homes. The former Dickerson site will be turned into 68 single‐family detached homes,” added Knowlton.





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