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MULTIFAMILY NEWS
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OC Multifamily Property Sells for First Time in 40 Years

1/11/24

Crestview Apartments, a 19-unit multifamily property in Costa Mesa, was purchased by a local private investor for $5.025 mil. The selling price, which came in at $563/sf and $264.5k/unit, marks the property’s first sale in over 40 years.

Crestview Apartments, located at 859 W. 19th St, comprises a two-story, 8.9k sf building constructed in 1957 on 0.47 acres. The apartment community features primarily studio apartments with patios or a balcony and has an on-site laundry facility. This value-add property has in-place RUBS (Ratio Utility Billing System), where tenants pay for water and trash, in addition to the property being individually metered for electricity and master metered for gas. Recent capital improvements include new exterior paint, repaved asphalt, new decks, new windows throughout and wood replacement.

With a Walk Score of 82 (“Very Walkable”), the property benefits from its proximity to beaches, parks, Triangle Square, Costa Mesa Courtyards and Mother’s Market & Kitchen. Costa Mesa, situated one mile from the Pacific Coast in the heart of Orange County, is home to South Coast Plaza, one of the nation’s largest shopping centers, and the world-class Segerstrom Center for the Arts and South Coast Repertory theatre. Furthermore, the city serves as the capital of the action sports industry and the headquarters for prominent companies such as Hurley International, Volcom, RVCA and Vans.

Dan Blackwell and Mike O’Neill with CBRE represented the seller, a private Orange County-based investor. Blackwell, O’Neill and CBRE colleague Jack O’Connor repped the buyer, an Orange County-based private investor.

According to Blackwell, the investment is seen as a value-add opportunity as current rents were more than 30% below market and the property had an attractive 3.34% assumable loan, which the buyer assumed.

O’Neill commented, “The property’s strategic location near employment, parks, beaches, schools, freeways, John Wayne Airport and best-in-class shopping, combined with robust rental demand and projected rental growth, allowed the buyer an immediate opportunity to improve the gross potential income and increase the property’s value through a well-executed renovation plan. We expect that the buyer can achieve close to a 6% cap rate.”





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