The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
December 6, 2019
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



ORANGE COUNTY NEWS
Printer-friendly Version   Email an Associate
OC Multifamily PropertyAcquired in Exchange Buy for $331k/Unit

8/26/19

Myrtle Avenue Apartment Homes, a 16-unit multifamily property in Tustin, sold for $5.3 mil, or $331k/unit. Located at 15981 S. Myrtle Ave, the 17.7k sf property consists of nine two-bedroom/two-baths, two two-bedroom/two-baths, four three-bedroom/two-baths and one two-bedroom/one-and-a-half baths units.

Myrtle Avenue Apartment Homes was originally built in 1964 and has recently undergone extensive interior and exterior renovations. The property offers such amenities as on-site laundry facilities, private patios, balconies and enclosed garages.

The apartment community is within one mile of both I-5 and SR 55 that connect Tustin to the coast and to Los Angeles and San Diego counties. Within walking distance of Myrtle Avenue Apartment Homes is Old Town Tustin, a popular dining, retail and entertainment destination in Orange County. The property is also across the street from both Tustin Hospital Medical Center and Foothill Regional Medical Center.

CBREs Blake Torgerson and Eric Chen represented the buyer, a private investor completing a 1031 exchange.

The Orange County multifamily market remained healthy in the first quarter, with a favorable vacancy rate and continued rent growth, according to CBRE research. Demand in Orange County kept vacancies in Orange County at a mere 4.1% in the first quarter, while rents increased 1.8% from the prior year. Q1 investment in Orange County multifamily assets totaled $190.5 mil.






Return to the Archive page


 


 


 


 
 





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2019 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media