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December 1, 2023
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ORANGE COUNTY NEWS
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Costa Mesa Multifamily Property Sells for Over $500k/Unit

3/17/22

The Wilson Townhomes, a 24-unit multifamily development in Costa Mesa, was purchased for $12.2 mil ($508.3k/unit) by a private investment group from nearby Newport Coast. Built in 1961, The Wilson Townhomes is located at 1032 W Wilson St. on a low-density two-acre site bordering both Newport Beach and Huntington Beach.

The Wilson Townhomes consists of six two-story residential buildings containing all two-bedroom units averaging 1k sf in size. Community amenities include a swimming pool, laundry rooms, leasing office, storage area, lush landscaping and garage parking.

Brett Bayless of The Mogharebi Group represented the seller in the deal. According to Bayless, rental demand in Costa Mesa has been strong for decades and, considering the current high occupancy of 98%, robust forecasted household formation and lack of new supply, itís very likely that demand will remain extremely strong in the foreseeable future.





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