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7/09/26
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A 13-unit apartment building in Laguna Beach traded for $10.425 mil, or $802k/unit. The property is located at 222 Arch St, just 300 feet from Arch Beach. It was acquired by Modern Development Company, a California LP, as part of a 1031 exchange transaction.
Each unit features ocean views, private balconies, in-unit stacked washer and dryers, and individual roll-up garage parking. The 12.3k sf property underwent capital improvements in 2017, including new granite countertops, custom cabinetry, fresh flooring, new bathroom tile, vanities, and lighting, a full stainless-steel appliance package, double-pane vinyl windows, and a new roof in 2024.
Matthews™ Executive Vice Presidents and Senior Directors Mark Bridge and Daniel Withers represented the seller, the Cohen Family Trust, in the transaction. We’re told the deal marks the highest sale price (per unit) for a multifamily sale in the South County submarket within the last two years.
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