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5/10/17
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The Courtyards, a 28-unit multifamily property in Costa Mesa, sold for $10.25 mil ($366k/unit). The property, situated on 1.2 acres at 324 East 20th St, midway between the 55 Fwy and Irvine Ave, was 100% occupied at the time of sale.
Built in 1970, the property features four different floorplans comprised of: six one-bedroom/one-bathroom units; 10 two-bedroom / one bathroom units; four two-bedroom / one-and a-half-bathroom townhouse-style units; and eight two-bedroom / two-bathroom dual master suite units. Each ground floor unit features separate large, enclosed, private patios, with upstairs units featuring a balcony.
The three residential buildings surround a large, private courtyard area, with a fitness center, central laundry facility, barbecues, and swimming pool. There are 28 covered parking spaces and 21 open spaces, as well as an oversized single garage which was used by the owner for storage and spare parts inventory.
The Courtyards is a short drive to the 17th Street retail corridor, within three miles of downtown Newport Beach, and in close proximity to the Back Bay, Fashion Island, and South Coast Plaza.
Steven C. Brombal and Joshua Rhee of Berkadia's Irvine office represented the buyer and seller, both local investors. The buyer, who assumed a 3.77% first TD, is planning to renovate unit interiors and the exterior. The transaction closed at a 2.82% actual cap rate.
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