|
|
6/12/19
|
Two apartment buildings with a combined 11 units in Costa Mesa have sold for a total of $4.9 mil. The transactions were both part of a single investor’s 1031 exchange, one being the sale and the other the purchase side. Dan Blackwell with CBRE repped the investor in both deals.
In the purchase, the investor, Stone Harbor Equities LLC, acquired a seven-unit multi-family property located at 183 Santa Isabel Ave in the highly sought-after area of Eastside Costa Mesa. Constructed in 1959 on a 26.5k sf lot, the apartment building consists of all single-story cottage units with enclosed garages and large private yards.
The neighborhood provides many dining and retail options, predominantly located along 17th Street. Additionally, the proximity to the beach combined with strong demand for single-family and rental homes has been attracting affluent individuals to the area.
The sale price was $3.17 mil. The seller, a local partnership, was represented by Steven Brombal and Joshua Rhee of Kidder Matthews.
As part of the 1031 exchange, Stone Harbor also sold a four-unit apartment property located at 157 Monte Vista Ave, for $1.69 mil. Stone Harbor Equities had originally purchased the site in 2017 and subsequently completed extensive renovations before listing it.
According to the latest CBRE research, the Orange County multifamily market remained healthy in the first quarter, with a favorable vacancy rate and continued rent growth. Demand in Orange County matched new supply with 2,400 units absorbed and an unchanged vacancy rate of 4.1%. Orange County rents increased 1.8% from the prior year.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
