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1/23/17
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A four-property, 43-unit multifamily portfolio in Orange County has sold for $14.2 mil, or $330k/unit. The investment properties – one in Costa Mesa and three in Huntington Beach – were listed by a single private investor seller but purchased by four different buyers. Pat Swanson and Brett Bayless with Colliers International represented the seller in all of the deals.
One of the sales was for a 16-unit property at 7912 and 7922 Aldrich Dr in Huntington Beach, near Bella Terra shopping center. Built in 1978, the property includes four one-bedroom apartments, and 12 two-bedroom apartments. The property spans nearly 14.5k sf of rental space. The asset sold for over the asking price at $5.35 mil.
The second sale was for a 14-unit complex at 7891 and 7901 Stark Dr in Huntington Beach, also located near the popular Bella Terra shopping center. Built in 1978, the property is 12.6k sf and, like the other properties, sold for more than the asking price, closing escrow at $4.46 mil. The complex includes eight one-bedroom units, five two-bedroom townhomes, and one three-bedroom townhome.
The third sale in the portfolio was for a four-unit, 4.2k sf property located at 16681 Island Circle in Huntington Beach, near Huntington Harbor. The 4.2k sf property contains three, three-bedroom apartments and one two-bedroom apartment. This property also sold above its original asking price, at $1.625 mil. The buyers were private investors.
The fourth sale in the portfolio was 369 W. Bay Street in Costa Mesa, consisting of nine one-bedroom units on nearly 18 acres. Built in 1976, the property had more than 10 prospective buyers, and sold for $2.76 mil, substantially higher than the asking price. Swanson and Bayless also repped the buyer, a private investor.
Recent numbers show an Orange County average annual rent growth of 6.3%, and, despite having about 10,800 new apartments under construction in Orange County, rents are at an all-time high.
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