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August 20, 2019
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ORANGE COUNTY NEWS
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Newport Beach Investor Exchanges into Two OC Multifamily Properties Totaling $14 Mil

4/19/19

A private 1031-exchange investor from Newport Beach acquired two OC multifamily properties for a total of $14 mil. The assets, totaling 44 units, are in Anaheim and Costa Mesa. CBRE’s Dan Blackwell represented the buyer in both deals.

The Anaheim acquisition was for Broadway Luxury Apartment Homes, a 25-unit, three-story apartment community at 9922 West Broadway. The property, which was built in 1989 on .50 acres, sold for $6.8 mil ($272k/unit).

Broadway Luxury Apartment Homes is located in a residential area near the intersection of Lincoln Ave and Brookhurst St, three miles from Disneyland and Knott’s Berry Farm, and is in proximity to the 5 and 91 freeways and within walking distance to schools.

The Costa Mesa purchase was for a 19-unit, two-story apartment community at 145 East 18th St. The property, which was built in 1959 on .66 acres, sold for $7.2 mil, or $379k/unit. This property is located close to The Triangle (formerly known as Triangle Square), a 191k sf outdoor entertainment and retail center, and also easily accessible to the 17th Street retail corridor.

Blackwell also represented the seller, 41st Street Broadway Investments of Newport Beach, in the Anaheim deal. Steven Brombal of Kidder Mathews in Irvine repped the seller in the Costa Mesa transaction, seller, 18th Street Partners of Laguna Hills.

“Since the buyer had previously sold 52 units in Santa Ana for $12.3 mil, the challenge was to find him a suitable property to trade into,” said Blackwell. “As there was not a lot of inventory in the $10 mil to $20 mil range, the strategy was to source better-located properties in the $6 mil to $8 mil range. Furthermore, the selected sites in Anaheim and Costa Mesa represented value-add opportunities, which was attractive to the buyer.”

He added, “Over the past three years in Orange County, we have experienced twice the deal volume in the $5 mil to $10 mil range compared with only 10 to 12 transactions per year in the $10 mil to $20 mil price range. Given this reality, it’s common for a buyer to consider splitting an exchange into a few smaller properties in the Orange County market. Not only is there a higher probability to find a suitable upleg(s), investors have also found there are attractive value-add opportunities in the $5 mil to $10 mil range.”





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