Buena Park Apt. Complex Sells for $5.5M

A fully leased, 16-unit apartment community in Buena Park has sold for $5.55 million. Of note: the deal is part of a 1031 Exchange. 

First, some facts according to a news release:

Cushman & Wakefield announced the firm has brokered the sale of a 16-unit apartment community in Buena Park (Orange County), California. The garden-style property comprises a pair of two-story buildings located at 8081 7th St. and was fully leased at the time of sale.

The buyer was a private individual based in Orange County. The seller was a private partnership of a few individuals completing a 1031 Exchange. The property traded for $5.55 million.

Mark Bridge, Jonathan Mitchell and Trey Wheeler with Cushman & Wakefield’s Multifamily Advisory Group (in Irvine) represented both parties in the deal. 

Built in 1975, the complex has 12 two-bedroom units and four one-bedroom units. 

From the location, location, location file: the property sits on a corner lot near many major retail/shopping centers, educational and employment opportunities as well as Knott’s Berry Farm theme park. It is also conveniently located next to the I-5 and I-91 freeways.