Wednesday, July 18, 2012

Orsett Sells Del Mar Apartments to California Investor for $12.2m

VIZZDA—July 18th, 2012 -- Curt Feuer of Orsett has completed the sale of the Del Mar Apartments—144 units in ten 2-story buildings totaling 152,307 ft2 west of 83rd Avenue and Mcdowell Road—for $12.2m or $84,722 per door.  Dr. Edward B Frankel, a retired physician from Santa Ana, California, paid cash for the property.
Orsett previously acquired the property prior to an August 24th, 2007 related-party transfer and $12.95m construction deed of trust with Compass Bank. The complex was completed in 2008 and sits on 7.93 net or 9.18 gross acres. The units are individually-metered for electricity and master-metered for water. The property is professionally managed by Management Support Services and is currently 97% occupied.
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Paul Dionne
Research Analyst

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