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8/26/19
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Myrtle Avenue Apartment Homes, a 16-unit multifamily property in Tustin, sold for $5.3 mil, or $331k/unit. Located at 15981 S. Myrtle Ave, the 17.7k sf property consists of nine two-bedroom/two-baths, two two-bedroom/two-baths, four three-bedroom/two-baths and one two-bedroom/one-and-a-half baths units.
Myrtle Avenue Apartment Homes was originally built in 1964 and has recently undergone extensive interior and exterior renovations. The property offers such amenities as on-site laundry facilities, private patios, balconies and enclosed garages.
The apartment community is within one mile of both I-5 and SR 55 that connect Tustin to the coast and to Los Angeles and San Diego counties. Within walking distance of Myrtle Avenue Apartment Homes is Old Town Tustin, a popular dining, retail and entertainment destination in Orange County. The property is also across the street from both Tustin Hospital Medical Center and Foothill Regional Medical Center.
CBRE’s Blake Torgerson and Eric Chen represented the buyer, a private investor completing a 1031 exchange.
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 vacancies 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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