COSTA MESA, CA – Triqor Group is proud to announce the sale of Harbor Townhouse Apartments, a well maintained, first time on the market property in the coastal city of Costa Mesa. The 84-unit complex, comprised of mostly two bedrooms, sold for $258,000 per unit at a record low cap rate in Orange County.
Triqor Group’s Gary Tolfa and Chris Pettit represented the original developers of Harbor Townhouse Apartments and family held corporation, W.R. Mirams Inc.
“Due to the fact that the seller has continuously maintained the property throughout the years of owning it from the ground up, we were confident that an astute investor would immediately recognize a genuine value-add opportunity,” stated Pettit, Multifamily Investment Advisor for Orange County markets.
The buyer was Sack Properties, an equity backed firm based out of San Francisco that was able to see the potential in the future opportunity to reposition a quality asset. Sack Properties was sourced through Triqor Group’s unique collaborative marketing platform, ultimately beating out multiple competitive offers in the transaction.
Founded in 1993, Triqor Group, formally Investment Property Group is the fastest growing investment real estate advisory firm in Southern California. Specializing in the sale, acquisition and 1031 facilitation of apartment transactions, the firm grew by 57% in 2015, with over $177M currently listed or in escrow. The company has a collaborative format that facilitates communication between its advisors and more robust information for clients. Their unique simultaneous 1031 exchange system melds technological innovation and creative deal making to harmoniously match compatible properties and investors, resulting in seamless transactions for its many success stories. Triqor Group has offices in Irvine, Torrance and Arizona.