Avison Young announced it has brokered the $16.22 million sale of Sunrise Apartment Homes, a 56-unit multifamily property located at 8462 Whitaker Street in Buena Park, CA.
Avison Young Principal Peter Hauser and Associate Matt Hauser who are both located in the firm’s Irvine office, represented the seller, an Orange County-based family partnership. The buyer, an Orange County-based private investor, was represented by Mark Bridge of Cushman & Wakefield. The closing cap rate was 3.2 percent.
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.
“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 Peter Hauser. “Additionally, the buyer plans on making renovations in order to enhance the living environment for the residents.”
“The Orange County apartment market continues to experience limited supply of inventory and continued strong investor demand,” added Matt Hauser.
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.