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Costa Mesa Apartment Community Sells for $473k/Unit

12/18/19

Baker Block, a 240-unit multifamily property in Costa Mesa, has changed hands in a recent transaction worth $113.5 mil, or $473k/unit. The recently completed project was acquired by Baker Block Associates LP in a deal we’re told stands as one of the highest price-per-unit sales ever recorded for a mid-rise multifamily rental product in Orange County.

The property was sold by Cityview, in a venture with Red Oak Investments, Johnstone Moyer Inc, AO and Inovus Design. The 181.2k sf community opened to tenants in December 2017. Baker Block Associates plans to hold the asset long-term and continue Baker Block’s current operations as a Class A multifamily apartment community.

Located at 125 Baker Street East, the apartment complex features studio, one-, two- and three-bedroom units. The project boasts a variety of amenities including a resort-style poolside retreat, indoor/outdoor clubroom with full kitchen and wet bar, a two-story IMPACT fitness center with yoga and spin studios, rooftop sky lounge and gaming space, dog park with agility equipment, grab-and-go coffee bar, pet wash and multi-purpose spaces for relaxing, entertaining, events and co-working.

The community has become a local landmark, featuring Orange County’s largest mural created by world-renowned street artist Shepard Fairey, who also designed President Barack Obama’s iconic “Hope” poster during the 2008 election.

Baker Block has received several notable industry awards, including PCBC’s Gold Nugget Merit Award for Best Multifamily Community and MultiHousing News’ Excellence Award for Best Mid-Rise New Development and Design. The community was also awarded the 2019 Kingsley Excellence Award for Resident Satisfaction for going above and beyond to ensure residents are satisfied with their living experience.

Tom Moran Jr. from Moran & Company represented Cityview in the transaction.





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