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12/18/20
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Twin Palms, a 17-unit apartment property in Laguna Beach, has traded for $9.8 mil, or $576.5k/unit. The property was purchased by a Long Beach-based private investor.
Built in 1956, the two-building trophy property is located at 136 Cliff Dr and 145 Cedar Way, north of Laguna Canyon Rd and east of Pacific Coast Hwy. It is within walking distance to Laguna’s main beach, Laguna Village, and Pageant of the Masters, among a number of other nearby amenities.
The asset offers a mix of one- and two-bedroom units and features a courtyard with gardens, two sun decks and ocean views. The majority of the units were recently upgraded.
Todd Hawke and Robert Stepp of Stepp Commercial represented the buyer in the deal. The seller was a Laguna Beach-based private investor who had owned the property for 60 years. The closing cap rate was 3.2%.
“Our buyer client was exchanging out of C-grade asset in Phoenix and wanted to invest into a long-term Class A apartment property,” said Hawke. “This asset presented the opportunity to own in an irreplaceable coastal Southern California location. Additionally, there is an upside for the buyer who plans on making additional in-unit and exterior upgrades and will bring rents up to market rates over time.”
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