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5/05/22
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We’ve got two OC apartment sales to report, in separate deals totaling $11.1 mil. In one of the transactions, Palm Court Apartments, a 24-unit property in Buena Park, sold for $6.05 mil, or $252k/unit. In the other deal, Driftwood Apartments, a 17-unit asset in Fullerton, sold for $5.05 mil ($297k/unit).
Palm Court Apartments, located at 5699 Fullerton Ave in the city of Buena Park, is 100% occupied. The two-story property, consisting of one-and two-bedroom units, underwent several capital improvements prior to sale.
Driftwood Apartments is located at 134 S Pritchard Ave in the city of Fullerton and is 94% occupied. The property features two- and three-bedroom units. Nine of the 17 units have been renovated, and the new owner intends to renovate the remaining units as well as the exterior of the property.
Mark Bridge and Jon Mitchell with Cushman & Wakefield’s Multifamily Advisory Group in Orange County represented all parties in sales, which were comprised of different private buyers and private sellers.
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