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3/05/21
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An OC-based private investor paid $16.22 mil for Sunrise Apartment Homes, a 56-unit ($290k/unit) multifamily property in Buena Park. Located at 8462 Whitaker St, the asset was sold by an Orange County-based family partnership.
Built in 1977, Sunrise Apartment Homes is situated on just over two acres of land and features a mix of one- and two-bedroom floorplans. The property consists of three two-story garden style buildings and one one-story building. Additionally, the property includes a pool and laundry facilities for the residents’ use.
Located near the 5 freeway, the property is a short distance to Knotts Berry Farm, Knotts Soak City, Disneyland, and Downtown Buena Park entertainment venues, in addition to key employment centers of Orange County.
Avison Young’s Peter Hauser and Matt Hauser represented the seller in the deal. The buyer was repped by Mark Bridge of Cushman & Wakefield. The closing cap rate was 3.2%.
“Sunrise’s current rent structure is low in relation to market rental rates. This will enable the new ownership to increase rents slowly over time in conjunction with the current rent control guidelines,” said auser. “Additionally, the buyer plans on making renovations in order to enhance the living environment for the residents.”
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