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4/22/24
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A private investor paid just over $10 mil for a 30-unit multifamily community in Westminster, CA in a deal said to be the city’s largest multifamily sale in the past 12 months. The buyer was an OC-based 1031 exchange investor.
The property, La Pat Courtyard Apartments, is situated on a 0.89-acre lot at 13812 La Pat Place, between Westminster Blvd and Humboldt Ave. It presented a rare opportunity for an investor to acquire a fully turnkey multifamily asset with RUBS in a dense, urban infill market with numerous nearby amenities, according to CBRE’s Dan Blackwell, who, along with CBRE colleague Andrew Boukather, represented the seller in the deal. Blackwell and CBRE colleague Amanda Fielder repped the buyer.
La Pat Courtyard Apartments is conveniently located within walking distance of shopping, parks, schools, entertainment and medical services. Situated behind the apartment community is Westminster Center, home to tenants such as Regency Theatres, Home Depot, Ross, Albertsons and Petco. Westminster Mall is just 1.2 miles away, with Westminster High School less than one mile away and Golden West College 2.2 miles away. Residents of La Pat Courtyard Apartments also benefit from easy access to Interstate 405 and California Highway 22.
Originally built in 1961, the 21.4k sf, two-story, two-building apartment community recently underwent extensive interior and exterior renovations, totaling over $1.4 mil in improvements. The community has an excellent unit mix, featuring one studio, 17 one-bedroom units and 12 two-bedroom units, all completely remodeled as part of the renovation process. The units include a new washer and dryer, stainless-steel appliances, a wall air conditioner, mirrored closet sliding doors and plank vinyl flooring throughout the unit.
Amenities at La Pat Courtyard Apartments include a spacious courtyard with picnic tables, BBQs and pergolas for shade, as well as front and rear security gates. The property offers 49 parking spaces, including three garage spaces, 27 covered spaces and 19 open spaces.
The property operates with a Ratio Utility Billing System (RUBS), where tenants cover payment of water and trash, and individual electricity metering, which reduces the landlord’s utility costs.
The listing generated seven competitive offers and achieved a 5% in-place cap rate, with each unit priced at $334,167 or $468 per square foot, according to Blackwell.
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