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1/13/17
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In a recent multifamily sales comp from Huntington Beach, an unnamed investor paid $9.8 mil for the Stark & Aldrich Apartments, a two-property portfolio totaling 30 units ($327k/unit). The deal came in at an in-place cap rate of 4.17%.
Constructed in 1978, the Class B properties – one with 14 units and the other with 16 units -- consist of mostly two-bedroom units with individual garages. The well-maintained properties are located at 7891 and 7901 Stark Dr, just south of Edinger Ave and west of Beach Blvd, near the 405 Fwy. The desirable location is within a half-mile walking distance of the Bella Terra retail center.
Frank Dinari of Sperry Commercial represented the local buyer in the transaction. Pat Swanson with Collier’s International repped the seller.
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