Brokerage finds buyer for SoCal apartments

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Marcus & Millichap negotiated the sale of the 242-unit Park Plaza Apartments in Santa Ana, Calif. The value of the transaction was not disclosed. Park Plaza Apartments is a 242-unit property located at 805 W. Stevens Ave. The sale includes 215,172 rentable square feet on approximately 10 extensively landscaped acres. The community was constructed in 1972 and has undergone significant interior renovations since 1995 and exterior renovations since 2003. The unit mix is composed of 210 two-bedroom and 32 three-bedroom apartments, ranging in size from 830 to 1,020 square feet. A Boca Raton, Fla.-based investment partnership sold the property to an undisclosed buyer. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to