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September 22, 2018
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SOUTHERN CALIFORNIA NEWS
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Buena Park Multifamily Sale Comes in at $417k/Unit

3/02/18

Cameron Properties Inc, out of Covina, paid $9.18 mil for Parkview Apartment Homes, a 22-unit ($417k/unit) multifamily property in Buena Park. Built in 2014, the Parkview Apartment Homes complex is located on 1.1 acres of land at 6785 Knott Ave.

The property features a mix of two-bedroom, single-level units as well as two-story townhomes. All units are approximately 1k sf in size and offer spacious layouts, high ceilings, granite countertops, high-end finishes and appliances, and washers and dryers.

The property is just one mile from The Source, a 400k sf, dining and shopping destination; Knott’s Berry Farm; Knott’s Soak City; and Buena Park downtown shopping center; and has convenient access to the 91 and 5 freeways.

Peter Hauser and Matthew Hauser with Avison Young represented the buyer in the transaction. CBRE’s Dan Blackwell represented the seller, Brandywine Homes, who was also the developer of the property. The closing cap rate was 3.96%.

“New construction properties such as this one rarely trade in this market,” said Blackwell. “These newer buildings rent at a premium and result in above-average pricing metrics.” He added “Given the appeal of this particular site coupled with the high demand for apartments in Orange County resulted in tremendous interest and a number of offers from investors located throughout SoCal.”






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