Eight Luxury Apartments in Los Alamitos Sell for $4M
Eight higher-end apartments in Los Alamitos have moved off the market for $4 million. That’s according to a news release from Marcus & Millichap.
The price for the two- and three-bedroom townhouse-style Chestnut Street Apartments was $489,375 per unit or $3,915,000, Greg Bassirpou, a senior vice president at the brokerage, said in the release.
Bassirpou represented the buyer, who was identified only as a local investor.
“The property is located in a highly desirable area, within the award-winning Los Alamitos Unified School District, and presented the buyer with the opportunity to acquire a stable, well-maintained building offering good projected rent growth,” said Bassirpou.
Orange County has seen a rise in average monthly rental costs, according to RentCafe.com data from November 2021. The overall Orange County average rent is predicted to rise from the current $2,439 to $2,849, with the vacancy rate rising from 2.1 percent to 3.7 percent.
Data show 11,555 or 26% of the households in Orange, Calif., are renter-occupied while 31,520 or 73% are owner-occupied.