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9/11/20
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Brandywine Homes picked up a multifamily development infill site in Placentia for $3.9 mil. The 1.3-acre parcel is located at 1049 Golden Ave, near the intersection of Imperial Hwy and Rose Dr.
The buyer, who obtained the entitlement during escrow, plans to build 26 luxury townhomes called Villena. They were repped by CBRE’s Dan Blackwell. The unnamed seller was self-represented.
The multifamily market held up better than expected in the second quarter despite the low level of absorption, according to CBRE’s latest research. Given the magnitude of the job losses, a rise in vacancy and drop in rents was relatively modest as federal and state stimulus programs, including enhanced unemployment benefits, helped financially stressed apartment residents make their rent payments. CBRE expects that the market should stabilize by the first quarter 2021 and show steady improvement thereafter.
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