ACI Apartments is pleased to announce the recent sale of a 75-unit complex in El Centro, CA. The 71,250 square foot property situated on a 131,986 square foot lot at 699 Wake Avenue, was sold to Imperial Properties LLC for $9,600,000.
The buyer was represented by Ricardo Lopez of ACI Apartments. The seller, Villas Bonitas LLC was represented by Steve Willmore and Erik Faucett from Lee & Associates.
The property consists of 75 units across 7 two-story buildings built in 2005. The unit mix of the asset is comprised of (16) 1br-1ba averaging 730 sq.ft., (7) 2br-2ba averaging 920 sq.ft., (17) 2br-2ba averaging 960 sq.ft., (26) 2br-2ba averaging 990 sq.ft., and (9) 3br-2ba averaging 1,130 sq.ft.
In addition, the property boasts 75 carports and 51 surface parking spaces. Each unit includes a washer/dryer, balcony or patio and HVAC throughout. Other amenities include a gym, recreations room, pool, spa, playground area, BBQs and large patio.
This transaction represents the single largest multi-family transaction on record for El Centro and the surrounding areas.
ACI is the most successful income property brokerage firm in the county since 1982. They specialize in apartment and investment property transactions, and have maintained a solid performance despite changing economic cycles. With an average of more than 140 closed escrows per year, ACI has closed more San Diego County income property escrows than any other firm in the county – that is more properties than the number two and number three firms combined. Please visit us online at www.aciapartments.com