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8/05/20
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A 75-unit complex in El Centro, CA sold for $9.6 mil, or $128k/unit. The 71.3k sf property, situated on a 132k sf lot at 699 Wake Ave, was acquired by Imperial Properties LLC.
The property consists of 75 units across seven two-story buildings built in 2005. The unit mix of the asset is comprised of 16 one-bedroom/one-bath units of 730 sf, seven two-bedroom/two-bath units of 920 sf, 17 two-bedroom/two-bath units of 960 sf, 26 two-bedroom/two-bath units of 990 sf, and nine three-bedroom/two-bath units of 1.1k sf.
In addition, the property boasts 75 carports and 51 surface parking spaces. Each unit includes a washer/dryer, balcony or patio and HVAC throughout. Other amenities include a gym, recreations room, pool, spa, playground area, BBQs and large patio.
The buyer was represented by Ricardo Lopez of ACI Apartments. The seller, Villas Bonitas LLC, was repped by Steve Willmore and Erik Faucett from Lee & Associates.
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