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August 9, 2020
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Two SoCal Multifamily Sales Generate $10.8 Mil


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.

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