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3/13/19
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Jim Colombo, a private investor, paid $7.2 mil for 19@18th, a 19-unit ($379k/unit) apartment building in Costa Mesa. The apartment building sits on a 30k sf lot at 145 East 18th St, just east of the 55 Fwy.
The buyer is planning significant renovations to the property including air-conditioning, granite counter tops, replacement of roofs, resurfacing of large exterior decks, and kitchen and bath upgrades.
The seller, 18th Street Partners, a local private investment group, was represented in the transaction by Kidder Mathews’ Steven Brombal and Josh Rhee. According to Brombal, it’s difficult to find assets of this size in the Eastside Costa Mesa submarket where there is true attainable rental lift with renovations,” he said.
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