A 51-unit multifamily complex in Santa Ana is under new ownership, with Cypress-based NNC Apartment Ventures paying $15 million to buy the residential property from Anaheim-based Clausen Enterprises.
Real estate advisory firm Marcus & Millichap brokered the deal, with brokers from Orange County and Fresno working on the transaction.
“Our team executed a targeted marketing campaign, focused on connecting with active multifamily investors and owners of similar assets throughout Southern California, which helped us to quickly source a repeat client with a strong track record who was searching for an upleg property for their own 1031 exchange,” Tyler Leeson, executive managing director investments in Marcus & Millichap’s Orange County office, said about the deal.
Other brokers on the deal were Nicholas Kazemi in Orange County and Jon Mimms from Fresno.
Imperial Apartments is located at 1722 N. Bust St. near downtown Santa Ana. The apartment complex was built in 1985 and features a mix of studios, one-bedroom and two-bedroom floor plans.
