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4/13/15
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North Shore Apartments, a 43-unit complex located at 16459 & 16465 Joy St in Lake Elsinore, was purchased by a private investor for $3.5 mil, or about $81.4k/unit. Occupancy was 100% at the time of sale.
North Shore Apartments is comprised of two buildings with a mix of spacious two- and three-bedroom units. Amenities include garages and washer-dryer hook-ups. The property is located within walking distance to the lake, shopping, elementary school, parks, and other amenities.
Vice President Tim Steuernol of NAI Capital’s South Bay office, along with Kanna and Ramu Sunkara of Sperry Van Ness, represented the buyer, P.I. Properties No. 76 LLC. The seller, Hensel-Abdelal Housing Partnership, was repped by Paul Calvo and Company.
Discussing the deal, Steuernol noted, “The acquisition of the North Shore Apartments is a great addition to the buyer’s current portfolio in the immediate market area. They assumed an existing loan on the 32 unit property and were able to secure favorable new debt on the adjacent 10-unit building. With strong historic occupancy, upside in rents, and excellent physical condition, these properties will be a tremendous long term holds.”
The property is located next to the south end of Lake Elsinore and along the I-15 corridor. The city of Lake Elsinore sits in the path of tremendous growth between Corona and Temecula, just 45 minutes from Orange County, San Diego, and San Juan Capistrano.
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