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8/03/17
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Restoration Enhancement in Metropolitan Communities has acquired Williams Senior Apartments, a 28-unit multifamily property in the city of Brea, for $6.75 mil, or $241k/unit.
Williams Senior Apartments, located at 212 South Orange Ave, was recently upgraded and has a low vacancy rate with a wait list of potential tenants. It is situated in an affluent demographic area next to Brea Downtown, which is an entertainment center with more than 350k sf of retail, shops, restaurants, entertainment and nightlife.
CBRE’s Dan Blackwell represented the buyer and the seller, a 1031 exchange investor, in the deal.
“There is record pricing happening right now in the Orange County multifamily market,” said Blackwell. “We generated six offers from 1031-exchange and affordable housing buyers. This property’s proximity to the downtown Brea promenade is unbeatable and provides tenants with an array of shopping and restaurants within steps from their apartment door.”
Apartment vacancies are expected to remain stable in 2017 with a probable temporary rise due to new supply opening in 2018. Rents are expected to continue to increase at a moderate pace, according to CBRE Research.
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