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6/12/24
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Beachwood Apartments, an 18-unit multifamily community in Huntington Beach, was purchased by a private investor for $8.65 mil, or $480.5k/unit. Built in 1971, Beachwood Apartments sits on six lots totaling 17.6k sf at 125 16th St.
Beachwood Apartments offers a mix of one-, two-, and three-bedroom floor plans totaling 15.8k sf of space. Select units have their own private patio or balcony, and some units offer ocean views. Each unit has its own individual water heater and is individually metered for gas and electricity.
The apartment community features a courtyard, sun deck, laundry facilities, and an on-site manager. There are 24 garage spaces, and a new roof was installed in 2019.
Dan Blackwell and Mike O’Neill with CBRE represented both the buyer and the seller in the transaction. The seller was a repeat client based in Huntington Beach, and the buyer, also a repeat client, was based in Fountain Valley. According to Blackwell, the property, which was offered for sale for the first time in 50 years, generated nine competitive offers.
“The property is situated close to Pacific City, restaurants and shopping, and is only 0.1 miles from beach access,” O’Neill pointed out. “Beachwood Apartments also presents a value-add opportunity. Through a renovation plan, current rents can be increased by approximately 36% to reach market levels, allowing the investor to capitalize on unrealized income potential and achieve a cap rate of 5.54%, up from 3.55%.”
Located 35 miles south of Los Angeles and 90 miles north of San Diego, Huntington Beach is home to over 198,297 residents with an average household income of $154,467 (2023). Tourism and technology are leading industries in Huntington Beach, which hosts over 650 industrial businesses including Zodiac Aerospace, Quicksilver, and Cambro Manufacturing.
With more than 11 million visitors annually, the city features one of the world's largest recreational piers, public parks, riding stables, equestrian trails, a marina, a wildlife preserve, and an eight-mile coastal trail. The addition of the Pacific City retail hub, with its unique shops, upscale Equinox fitness facility and spa, and diverse dining options, enhances the city's vibrant oceanfront lifestyle.
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