LA HABRA, CA—Il Pompeii Apartments was purchased by an unnamed local capital buyer for $19 million. Institutional Property Advisors arranged the sale of the 111-unit luxury apartment property in La Habra, Orange County, Calif.
“Il Pompeii Apartments is atypical of many properties within its vintage,” said Stewart I. Weston, IPA senior director, in a statement. “The seller and original developer incorporated a number of forward-thinking key amenities and construction features into the original plan.”
The 11-building Il Pompeii was built in 1969 on five acres of land. Amenities include a swimming pool, community room, courtyards and picnic areas. A number of the units were recently renovated to include new flooring, appliances, cabinetry and lighting.
The property sold for $171,000 per unit or $204 per square foot.
“The investment appeal of this asset is driven by strong submarket occupancy and rental growth trends,” said John Nguyen, Marcus & Millichap vice president investments. “All units in this community are commanding market-rate rents.”
Nguyen, Weston and IPA associate director W. Michael Cavner represented the seller.