La Mirage Apartments exchanged

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. *** Send a Letter to the Editor for publication.Send a comment or news tip to our newsroom. Please include the headline of the story....

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