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August 9, 2020
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60-Year-Old Apartment Property in Costa Mesa Sells for $400k/Unit


Casa Del Mar, a 16-unit apartment building in Costa Mesa, was purchased by a local syndication investor and management company for $6.4 mil, or $400k/unit. The property, located at 147 East 18th St, just east of the 55 Fwy by Harbor Blvd, was sold by the original owner, a private trust.

The offering represented the first time Casa Del Mar had been on the market in the property’s nearly 60 years of existence. The property was meticulously maintained and primarily required interior updating to bring it to current renovation standards.

Steven C. Brombal and Joshua Y. Rhee represented the buyer, Newport 18th Partners LLC, and the seller in the transaction. Brombal has been in contact with the Casa Del Mar ownership for the last 18 years and has listed and sold the adjacent property three times.

“Because of the long-term ownership, rents were very low and the seller was somewhat forced to carry financing to offer any investor reasonable leverage,” said Brombal. “Through the deal negotiation, the seller offered a 65% loan-to-value at 4% interest for only five years. The sales price equated to $511/sf and $400k/unit for a building with 63% one-bedroom, one-bath units.”

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