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October 16, 2021
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ORANGE COUNTY NEWS
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Investor Exchanges into $13.7 Mil OC Res Buy

6/21/21

Islandia Apartments, a 46-unit apartment building in Westminster, was purchased for $13.7 mil ($298k/unit) by a private family partnership as part of a 1031 exchange.

The property, located at 7152 Fenway Dr, features five separate buildings that share an outdoor pool, BBQ areas, laundry facilities and parking garages. The property is in proximity to various schools and area amenities and sits about 8 miles north of Huntington Beach and 20 miles east of Long Beach.

Dan Blackwell, Mike O’Neill and Andrew Boukather with CBRE represented the buyer in the deal. As the downleg of the 1031-exchange, the buyer sold a mixed-use property in Laguna Beach for $5.95 mil. That property consisted of nine oceanview apartment units and eight street-facing retail/office suites in proximity to downtown Laguna Beach.






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