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7/03/19
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A 12-unit multifamily community in Placentia sold for $2.9 mil, or about $258k per unit. Located at 911 Cypress Ave, the 9.2k sf property consists of 12 single-story cottages on a lot just under one-acre in size.
Each unit is 768 sf and features two bedrooms and one bathroom, as well as a washer and dryer. The property is located in an opportunity zone with rents significantly below the market average.
The building sits within one mile of both the CA-91 and CA-57 freeways that connect Placentia to Los Angeles and Riverside counties. California State University, Fullerton, a public university with more than 40,000 students, is located two miles north of the site. The total population within a one-mile radius of the property is 20,945 with an average household income of $70,789.
Dan Blackwell with CBRE represented the seller, a private investor. According to Blackwell, the listing yielded multiple offers, resulting in a favorable all-cash purchase and 35-day close for the seller.
The Orange County multifamily market remained healthy in the first quarter, with a favorable vacancy rate and continued rent growth, according to CBRE research. Demand in Orange County kept the vacancy rate in Orange County at a mere 4.1% in the first quarter, while rents increased 1.8% from the prior year. Q1 investment in Orange County multifamily assets totaled $190.5 mil.
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