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4/19/21
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Two Laguna Beach multifamily properties traded hands in separate deals that totaled $9.5 mil. The assets were sold by the same family partnership entity that was represented by Dan Blackwell and Mike O’Neill with CBRE in both transactions.
One of the properties, located at 1027 N. Coast Highway, includes nine ocean-view apartments and eight street-facing retail and office units totaling 10.7k sf. The property is situated several blocks off the beach and within minutes of downtown Laguna Beach. The mixed-use building sold for $5.95 mil to a private investor.
“We generated a full-price offer within 24 hours of marketing the property for sale,” said Blackwell. “That is indicative of the strong demand for prime coastal assets in Orange County.”
The second property, located at 340 Cypress Drive, features six two-bedroom units that sold for $3.55 mil or $591.7k per unit. CBRE also represented the 1031 exchange buyer in the trade.
“This was the first time in over 40 years that the property had been on the market, and we generated four offers within 48 hours of marketing the property for sale,” said Blackwell.
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