COSTA MESA, Calif., Nov. 11, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has executed a 1031 exchange involving two Southern California multifamily properties.
Justin White, a vice president investments; John Vorsheck (middle right photo), a senior associate; and Rebecca Caldwell, a multifamily investment specialist, all based in the Long Beach office, found the replacement property using Marcus & Millichap’s unique brokerage platform, which provides sellers with access to a nationwide pool of investment capital and encourages cooperation between brokers.
“This transaction is indicative of the investment opportunities available in today’s market,” explains White.
“Our client improved his cash flow; now owns a newer property; has more two-bedroom units, which are historically the most-sought after; and has new depreciation to offset increasing taxes.
“We also advised our client on a long-term investment strategy, which is always exciting. Right now, investors have the opportunity to trade up, and we enjoy working with those who are utilizing our expertise to make profitable deals, while others remain on the sidelines.”
Located at 2323 Elden Ave. in Costa Mesa, Villa Cordova includes 26 one-bedroom units and 14 two-bedroom units.
Located in the highly desirable East Costa Mesa residential neighborhood, properties of this size rarely come to market.
Located in the highly desirable East Costa Mesa residential neighborhood, properties of this size rarely come to market.
The property is situated on a large lot providing the tenants a quiet park-like setting with ample parking and enclosed garages.
The value of the Villa Cordova sale was $172,375 per unit.
“Because of the high quality of this asset, there was an extremely large amount of interest, enabling us to close the Villa Cordova sale in a record 22 days,” explains Nguyen.
“This transaction provided the buyer with an excellent opportunity to create immediate value by upgrading the interiors and increasing the rents, which were 10 percent to 15 percent below market,” says Nguyen.
1420 Kelton Ave., an 18-unit apartment complex, is located in the heart of Los Angeles’ Westwood neighborhood. Built in 1968, 1420 Kelton Ave. is ideally located just minutes from UCLA, Westwood Park, Century City and Beverly Hills. The apartment building encompasses 14,166 square feet.
Press Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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