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5/02/16
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A 70-unit multifamily asset in the Flower Park section of Santa Ana has traded for $10.8 mil, or $154.3k/unit. Santa Anita Prop LP, a partnership associated with Landmark Realty & Property Management, Los Angeles, acquired the property in an off-market transaction.
The property is located at 1111 W. Santa Ana Blvd, west of Flower St and north of 1st St. Built in 1986, the asset is 47.4k sf in total size.
Patrick Jameson with Lee & Associates-LA North/Ventura represented the buyer in the transaction. Mike Marcu, a broker with Insite Investment Realty, repped the seller, Continental Asset Management.
“Our buyer saw tremendous upside to this asset, but only if an existing lien on the property could be removed,” Jameson said, “so it was critical that we get the lien lifted before we closed escrow.”
Existing rents on the non-rent controlled building were about 25 percent below market, but the property had a lien against it due to balconies on two sides of the building that were deemed uninhabitable. Jameson negotiated a four-month escrow with the seller in order to give the buyer’s general contractor enough time to make the needed repairs before escrow closed.
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