Local Owner Divests 18 Units on Sumac Lane
A private investor purchased the 18-unit Compass Apartments at 1767 W. Sumac Lane in Anaheim, California, for $5.15 million, or about $286,000 per unit, from local owners.
Recent improvements to some of the units at the 12,002-square-foot multifamily property include new cabinetry, granite counter tops, remodeled bathrooms and new vinyl flooring.
The buyer owns several multifamily assets in Orange County. In connection with this sale, the buyer secured a new $3.09 million mortgage provided by First Foundation Bank. The sale closed at a 3.94% capitalization rate.
Tyler Leeson of Marcus & Millichap represented the seller. The buyer handled the deal in-house.
CoStar Research