|
3/14/18
|
A private investor paid just over $6 mil for a 13-unit ($461.5k/unit) apartment property in Seal Beach. Located at 134 1st St, the property is directly across from Alamitos Bay, adjacent to an open field for unobstructed ocean views, and just steps from the beach.
The property is also near Alamitos Bay Landing, Marine Stadium Park, Seal Beach Pier, Main Street and the new 2nd & PCH development, a shopping and dining complex set to open in 2019. It is situated on a corner lot and features a secured gated entry, balconies and patios, vaulted ceilings in some units and spacious floorplans including two townhome layouts.
Dan Blackwell and Priscilla Nee of CBRE represented the seller, a 1031-exchange investor. The local buyer was repped by Colliers International.
According to Blackwell, this was the first time on the market for the property, and offered an investor upside in potential rents and an opportunity to own a trophy asset in a prime SoCal location. “This was the first 10+ unit multifamily property to sell in Seal Beach in over nine years, and evidence that coastal properties rarely trade in the Orange County market,” said Blackwell.
Multifamily development and rent growth across Orange County is projected to continue due to the shortage of available inventory, high home prices and the influx of Millennials into the renter pool, according to CBRE research. Orange County’s population is set to grow from 3.2 million today to 3.5 million by 2040, which is likely to continue to drive demand for apartments.
|
|
Return to the Archive page
|
|
|
|
|