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NAI Capital Sells 23-Unit Tustin Apartment Complex for $3.5 Million Representing the Buyer, Nisson Rd., LLC and the Seller, Cal Receivers

12/29/2015

NAI Capital Sells 23-Unit Tustin Apartment Complex for $3.5 Million Representing the Buyer, Nisson Rd., LLC and the Seller, Cal Receivers

 

Tustin, CA, Monday, December 14, 2015– Senior Vice President Steve Heri, CCIM and Vice President Steve Gim with NAI Capital completed the sale of a 23-unit apartment building located at 1431 Nisson road in Tustin, Calif. They both represented the buyer Nisson Rd., LLC and seller Cal Receivers in the transaction. The sale price totaled $3.5 million or $150,000 per unit. 

The building is a multistory 16,400 square foot complex built in 1961, with an average unit size of about 750 square feet, and has a pool. The property is situated in a prime area just several blocks from of Tustin High school and five middle schools all within a quarter mile.  At the time of the sale the building was 100% occupied. The vacancy in Tustin for apartment units of similar size is extremely low due to heightened demand, which has contributed to escalating rents and outstanding sales prices with exceptionally low cap rates. Heri said, “The owner had this property in their portfolio for a long time. Market conditions made it for the perfect time to sell.” 

Gim added, “On a more fundamental level Tustin is one of the most affluent and desirable cities to live in Orange County.  Rental units will remain in demand there. The property offers a tremendous upside in the rents after renovation.  This will be long term hold potential for the new owner.”

 

 

About NAI Capital

NAI Capital Company is one of the Southern California’s leading full-service commercial real estate organizations, providing a complete range of transaction, property management and consulting services. NAI Capital is one of the largest members of NAI Global, a premier real estate service network with 375 offices and 6,700 market leaders spanning the globe. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, corporate occupants and investors throughout Southern California. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.

 

NAI Capital Brokerage CA BRE #00806840

 

To learn more, visit www.naicapital.com 

 

About NAI Global

 

NAI Global is the single largest, most powerful global network of owner-operated commercial real estate brokerage firms. NAI Global provides a full range of corporate real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. NAI Global Member firms, leaders in their local markets, are actively managed to work in unison and provide clients with exceptional solutions to their commercial real estate needs. Founded in 1978, today NAI Global has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 6,700 local market professionals, managing over 380 million square feet of property. Supported by the central resources of the NAI Global network, Member firms deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.

 

NAI Global was acquired in 2012 by C-III Capital Partners, a leading commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, online capital markets, title services and multifamily property management. C-III’s principal place of business is located in Irving, TX, with additional offices in New York, NY, Greenville, SC and Nashville, TN.  

 

To learn more, visit www.naiglobal.com.

 

Press Contact:

J.C. Casillas

818.913.2433

jcasillas@naicapital.com

12/29/2015 - 20:45

Source

NAI Global

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