La Mirage Apartments exchanged
Investors swap properties in California's Kern County
By Inman News, Thursday, February 26, 2004.Inman News®
Marcus & Millichap negotiated the sale of the 300-unit La Mirage Apartments in Ridgecrest, Calif.
The value of the transaction was $11.5 million.
La Mirage Apartments is located at 401 Oasis Drive. The complex, constructed in 1950, totals 278,545 rentable square feet. The unit mix includes 124 two-bedroom units, 145 three-bedroom units, 30 four-bedroom units, and one five-bedroom unit, which range in size from 850 square feet to 1,250 square feet.
A locally based private investor sold the property to a Hollywood, Calif.-based investment partnership in a 1031-exchange.
Occupancy was 95 percent at the time of sale.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.
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