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?



INLAND EMPIRE NEWS
Printer-friendly Version   Email an Associate
Two SoCal Multifamily Sales Generate $10.8 Mil

8/31/18

Two SoCal multifamily properties were purchased by different private buyers in separate deals totaling $10.8 mil. CBRE’s Dan Blackwell represented the seller, a family partnership, in both transactions.

In one of the deals, Town Center Garden Apartments, a 46-unit asset in Riverside, was purchased by a private investor for $6.05 mil ($131.5k/unit). The property, located at 4575 Jurupa Ave, features a gated entry, swimming pool and barbeque area, an on-site laundry facility as well as 24 additional parking spaces on the adjacent parcel that was included with the sale of the property.

The Inland Empire has experienced substantial economic growth, driven in part by its relative affordability and strong job market buoyed by the ecommerce growth and demand for industrial space, according to CBRE research.

“The buyer was attracted to the property because of its great unit mix and the value-add opportunity in the supply-constrained Riverside market,” said Blackwell.

The second property, located at 1570 N. Coast Hwy in Laguna Beach, contains eight units totaling 5.9ksf of space. The asset was acquired for $4.73 mil ($591.3k/unit) by another local investor.


“This eight-unit building sits in an affluent North Laguna Beach location with ocean views; demand for these types of irreplaceable properties never wanes,” said Blackwell. “The buyer, who was a repeat client of ours, had the chance to acquire a stabilized, well-positioned asset in Orange CBRE Press Release County along the Pacific Coast Highway while the seller could take advantage of the price appreciation of the last few years.”

Blackwell also represented the two local buyers in the transactions, with assistance from Mike O’Neill in the Laguna Beach sale.





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