Brook Park Sold for $12.5 Million
A Palo Alto multifamily investment company said Monday that it has acquired the 184-unit Brook Park West Apartments in Buena Park for $68,000 per unit, which amounts to about $12.5 million.
Pacific Property Co. said the acquisition gives it more than $150 million worth of California apartment communities.
Brook Park West, which was 96% occupied at closing, will be renamed and will undergo correction of deferred maintenance conditions as well as significant improvements, said Jaci Harmon, the company’s Southern California regional portfolio manager.
Brook Park features low density, mature landscaping, a poolside environment and a promising but underutilized clubhouse and leasing presence, said Phil Shuster, the company’s regional director.
Charles Dunn will manage the property for Pacific.
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