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1/20/16
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Revere Investments purchased Rossmoor Manor Apartments, a 150-unit, garden-style apartment building in Los Alamitos, for $33.5 mil, or $223.3k/unit. The property, located at 11152 Wallingsford Rd, south of Katella Ave and east of I-605, was sold by Given Benjamin Los Alamitos Investment Co.
Rossmoor Manor Apartments is a well maintained, two-story, 165.3k sf apartment complex on 3.9 acres. The property has a full list of on-site amenities including a central pool, spa, gym, courtyard, clubhouse, on-site laundry facilities and private parking. It was built in 1966, with a mix of one-, two- and three-bedroom units.
The property is situated in a family oriented neighbourhood in a great school district. It is just blocks from Richard Henry Lee and Rossmoor Elementary schools. Los Alamitos High School is a 3 minute car ride and Rossmoor Park is within walking distance.
Christopher Arvizu and David Knowlton with NAI Capital represented the buyer in the transaction. According to Knowlton, the building was 99% occupied at the time of sale. The apartment vacancy rate is a minimal 1.6% in Los Alamitos.
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