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1/24/22
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A San Jose-based private investor purchased Echo116, a 116-unit apartment community in Anaheim, for $37.25 mil ($321.1k/unit). The property, located at 1727 Glenoaks Ave, had multiple offers.
Built in 1969 and 1970, ECHO116 Apartments is a two-story property on a 1.43-acre site and comprised of four residential buildings totaling 75k sf of space. The apartment homes feature spacious two-bedroom and one-bedroom floor plans with an average size of 647 sf. The property boasts a swimming pool, clubhouse with full kitchen and fireplace, clay tennis court, tot lot, outdoor picnic area with barbeque, community laundry room, fitness center, dog park, and reserved parking.
Alex Mogharebi and Otto Ozen of TMG represented the buyer in the transaction.
“Echo116 has gone through extensive renovations, with approximately $2.3 mil spent on the unit and common area renovations. Plus, Northwest Anaheim rents have been rapidly rising, and vacancy has been negligible,” noted Ozen.
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