The asset involved in the transaction is a hotel located at 7039 Orangethorpe Avenue in Buena Park. The sale price was $13,000,000, and the property has a total area of 35,000 square feet, translating to a price per square foot of $371.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $13,000,000
• Square Footage: 35,000
• Price Per Square Foot: $371
• Buyer: Hector Garcia & Jd Singh - Passive Partners Capital
• Seller: MK Properties
• Broker: Gilbert Morales - TCB Real Estate Services

The buyers, Hector Garcia and JD Singh of Passive Partners Capital, plan to undertake approximately $3 million in renovations to transform the Howard Johnson Hotel into permanent multifamily housing, with 60% of the units already reserved for veterans. They successfully completed the full entitlement and approval process during escrow, ensuring that the conversion is fully approved and ready to commence renovations.