CT Realty has acquired Casa Granada Apartments, a 65-unit complex located at 400 Merrimac Way in Costa Mesa. The transaction had a price of $11.98 mil, or about $184k/unit.
Built in 1968, Casa Granada Apartments has a unit mix of 22 one-bedroom/one-bath apartments, 28 two-bedroom/one-bath units, 13 two-bedroom/1.5-bath units, two two-bedroom/two-bath apartments and one studio. The complex features a pool, patios, garages and carports.
Pat Swanson, Vice President, based in Colliers’ Orange County office represented CT Realty and the seller, GBW Investments.
“We sold this apartment complex at a 5.0% cap rate,” said Swanson. “What made the deal attractive to the buyer was the upside in rents, the potential to establish a “RUBS” program to bill back the tenants for water and trash, as well as the location, adjacent to Orange Coast College in West Costa Mesa.”