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7/06/23
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Orange County-based buyers paid $6 mil for a 17-unit ($353k/unit) multifamily property in Westminster, CA. The property was sold by an out-of-state private real estate investor.
Located at 13931-13951 Illinois St, the property was constructed in 1963 and consists of 14 single-story buildings on two parcels totaling 1.13 acres. All of the units are two-bedroom apartments. Amenities include large private patios, open space parking, spacious garden-style layout and an on-site laundry facility.
13931-13951 Illinois St, Westminster |
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The property has been professionally managed and leased with over 80% of the units recently renovated. Renovations included new windows and sliding doors, smoothed ceilings, laundry hookups in select units, new lights, fresh interior paint, ceramic tile flooring and refinished cabinets.
The Illinois Street property is within walking distance from one of the city’s largest shopping centers, Westminster Center, which features Home Depot, Albertsons, Rite Aid and Aldi. Residents at 13931-13951 Illinois Street are located minutes from cultural activities, shopping, services, restaurants, job centers and two airports (John Wayne Airport and Long Beach Airport). Interstate 405 and California 22 are also easily accessible. Within a five-mile radius of the property, there are 597,631 people and 23 major employers, totaling 17,026 employees.
CBRE’s Dan Blackwell and Andrew Boukather represented the buyers and the seller in the transaction. According to Blackwell, the property offered investors the opportunity to increase the return by improving the rent roll as well as adding two detached accessory dwelling units (ADUs).
Blackwell adds, “This is the first-time the property has ever been sold. It has been a generational asset and the seller’s grandfather built the property.”
Previously, Blackwell and Boukather assisted one of the buyers of Illinois Street to execute his 1031 exchange by selling his seven-unit multifamily property. Located at 1401 W. Walnut St, near the major thoroughfare of Bristol St and West 1st St in Downtown Santa Ana, the property consisted of one- and two-bedroom floor plans and offered investors a significant value-add opportunity through rental increases.
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