IRVINE, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has brokered the $9.18-million sale of Parkview Apartment Homes, a 22-unit apartment property in Buena Park, CA.
Avison Young Principal Peter Hauser and Associate Matthew Hauser, who are based in the company’s Irvine office, represented the buyer, Cameron Properties Inc., of Covina, CA. The seller, a local developer, was represented by CBRE. The closing cap rate was 3.96% and the price-per-unit was just over $417,000.
Built in 2014, the Parkview Apartment Homes complex is located on 1.1 acres of land at 6785 Knott Ave. The property features a mix of two-bedroom, single-level units as well as two-story townhomes. All units are approximately 1,000 square feet (sf) and offer spacious layouts, high ceilings, granite countertops, high-end finishes and appliances, and washers and dryers.
“Our client was seeking a turnkey, quality apartment asset in a dense, in-fill location for a long-term hold,” says Peter Hauser. “We identified Parkview Apartment Homes, which checked all the boxes on our requirements, and then some, as the property is located in the heart of an area overflowing with entertainment, retail and dining amenities. All of these factors translate into a strong employment base and continued tenant demand.”
The property is just one mile from The Source, a 400,000-sf entertainment, dining and shopping destination; Knott’s Berry Farm; Knott’s Soak City; and Buena Park downtown shopping center; and has convenient access to the 91 and 5 freeways.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 82 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.