The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 28, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?





MULTIFAMILY NEWS
Printer-friendly Version   Email an Associate
Two Apartment Buildings in Laguna Beach Fetch $6.6 Mil

8/13/19

Two apartment buildings in Laguna Beach were purchased by separate investors in deals totaling $6.62 mil. The properties have a combined 13 units.

280 Cypress Drive
280 Cypress Drive
The first property, located on a corner lot at 460 Cypress Dr, features nine units, with ocean views for those located on the second floor. The building sold for $4.46 mil, or $495k/unit and a 2.8% cap rate on current rents.

CBRE’s Dan Blackwell represented the seller, a general partnership. The buyer, a family trust, repped itself.

“This buyer wanted to add to their Laguna Beach portfolio,” said Blackwell. “We have seen an increase in demand from investors for coastal multifamily properties even more so since interest rates have dropped back to historic lows.”

The second property, located on the same street at 280 Cypress Dr, consists of four units with the majority featuring two-bedroom floor plans. The building sold for $2.16 mil.

CBRE’s Blackwell and Mike O’Neill represented both the private buyer and seller in the transaction.

The Orange County multifamily market remained healthy in the first quarter, with a favorable vacancy rate and continued rent growth, according to the latest CBRE research. Demand in the OC matched new supply with 2,400 units absorbed and an unchanged vacancy rate of 4.1%. Orange County rents increased 1.8% from the prior year.






Return to the Archive page
 


 
 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media