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menlo park company buys santa cruz apartments for $40.68 million

menlo park company buys santa cruz apartments for $40.68 million News Article With The full text news. The Resource Link is down the post and you can View this News Article in the source page.



menlo park company buys santa cruz apartments for $40.68 million

santa cruz  –  an out-of-town company has acquired the 104-unit oceanview apartments, two blocks from west cliff drive and monterey bay, for $40.68 million, sending rents skyward.the sale price tops the $33 million paid last year for the 100-unit breakwater apartments in the twin lakes area.the new oceanview owner is acclaim cos. in menlo park, which develops, builds, acquires, owns and operates more than 1,000 apartment units in northern california and texas, and works to “deliver exceptional returns to its investors,” according to the company website.acclaim founder mark johnson did not return a call seeking comment.oceanview apartments was built at 222 columbia st. in 1969.the price the new owner paid is about $391,000 per unit, “about right for older construction,” said reuben helick, managing director at cushman & wakefield and a longtime commercial real estate specialist.the breakwater buyer paid $330,000 per unit.in march, the median condo price reached a record $575,000.to see how rental rates have changed, the sentinel checked the oceanview website at oceanview-apartments.com and a 2014 housing market study commissioned by uc santa cruz, finding an increase of 34 percent to 47 percent over three years.the u.s. rate of inflation was 1.3 percent last year, .1 percent the year before that and 1.6 percent in 2014.oceanview is advertising a one-bedroom 750-square-foot rental for $2,645 to $2,895 a month and two-bedroom units ranging from 835 to 1030 square fee...