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5/06/21
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A 1031 exchange investor paid $6.8 mil for a 20-unit ($340k/unit) multifamily community in Los Alamitos. Located at 3612 Green Ave, east of I-605 and just south of Katella Ave, the 16.8k sf property was originally built in 1972.
The two-story community is comprised of studio, one- and two-bedroom units and features 20 subterranean parking spaces and a laundry facility. The property is within walking distance from Los Alamitos Boulevard, a major thoroughfare that features many dining and entertainment options.
Dan Blackwell and Mike O’Neill of CBRE represented the buyer in the transaction.
“This sale marks the largest apartment trade in Los Alamitos since 2017,” said Blackwell. “The property was an off-market opportunity that we sourced for our 1031-exchange buyer. We sold the buyer’s six-unit “downleg” property in Laguna Beach for $591k.”
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