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January 23, 2021
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Two Apartment Buildings in Laguna Beach Fetch $6.6 Mil


Two apartment buildings in Laguna Beach were purchased by separate investors in deals totaling $6.62 mil. The properties have a combined 13 units.

280 Cypress Drive
280 Cypress Drive
The first property, located on a corner lot at 460 Cypress Dr, features nine units, with ocean views for those located on the second floor. The building sold for $4.46 mil, or $495k/unit and a 2.8% cap rate on current rents.

CBREs Dan Blackwell represented the seller, a general partnership. The buyer, a family trust, repped itself.

This buyer wanted to add to their Laguna Beach portfolio, said Blackwell. We have seen an increase in demand from investors for coastal multifamily properties even more so since interest rates have dropped back to historic lows.

The second property, located on the same street at 280 Cypress Dr, consists of four units with the majority featuring two-bedroom floor plans. The building sold for $2.16 mil.

CBREs Blackwell and Mike ONeill represented both the private buyer and seller in the transaction.

The Orange County multifamily market remained healthy in the first quarter, with a favorable vacancy rate and continued rent growth, according to the latest CBRE research. Demand in the OC matched new supply with 2,400 units absorbed and an unchanged vacancy rate of 4.1%. Orange County rents increased 1.8% from the prior year.

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