NORWALK, CA – Tom Papoulias with NAI Capital’s Commerce office represented both parties in the sale and purchase of a 120-unit multifamily complex in Norwalk. The buyer, Cirrus Asset Management, based out of Calabasas, California purchased Capistrano Garden Apartment Homes from CRE 12, LLC for a transaction value of $16,000,000.00.
The newly updated complex has a total of 101,596 rentable square feet and is situated on a 125,123 square foot lot at 13811 Shoemaker Drive.  Papoulias noted the apartments are located in a very desirable area and neighborhood of Norwalk, California.  At the time of closing, there were only 10 vacancies.
Built in 1968, features of the gated community include a courtyard and golf course views in a resort style atmosphere.  The units consist of 52 one bedroom, one bath  750 square foot units, 48  two bedroom one bath 900 square foot units and 20 three bedroom, two bath 1,100 square foot units.

Interior features of the units include upgraded kitchen features with new appliance packages including gas stove, microwave, disposals, stainless steel kitchen sinks; ceiling fans in dining rooms, wood grain flooring in entryways, kitchen and bath; air conditioning / heating, new bathroom fixtures, mirrored wardrobe closets, and private patios / balconies in select units.
“Cirrus was very familiar with the property having managed the building about 8 years ago,” said Papoulias.  “We had it listed and 30 days later we had it under contract with Cirrus.”
Papoulias recently represented both parties in one of NAI Capital’s largest transactions in 2010, with the sale and purchase of a 320-unit apartment complex in Mesa, Arizona.  Papoulias’ latest deal represents NAI Capital’s largest transaction to date.
For more information regarding this transaction contact Tom Papoulias at (323) 201-3604.