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Apartment Complex Sells for $5.8 Million

June 04, 1993

A private investor has purchased a 106-unit apartment complex in Anaheim for $5.8 million, one of the largest local transactions of its kind this year, a broker said Thursday.

The Sunset Plaza complex, at 2767-2775 W. Ball Road, was sold by the Resolution Trust Corp., which acquired the site after the government seized FarWest Savings & Loan in Newport Beach. The property, which had been on the market since January, 1992, and had $9 million in land and building costs, was sold to an Orange couple doing business as JIY Investments in Orange, said their broker, Selina Yee, investment properties specialist with Grubb & Ellis' Newport Beach office.

A more expensive apartment complex deal occurred in Orange County in February, when Home Savings sold a 96-unit complex at 1410-1450 E. Garden Grove Boulevard in Orange for $6.1 million, Yee said. A private investor bought that complex as well.

Cushman & Wakefield in Orange represented the RTC in the sale.

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