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6/27/23
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Two Orange County multifamily apartment communities traded hands between private investors in separate transactions totaling $12.12 mil. The assets, located in Anaheim and Costa Mesa, have a combined 38 units.
1800 W. Glencrest Ave, Anaheim |
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In one of the deals, an 18-unit property at 1800 W. Glencrest Ave in Anaheim sold for $4.8 mil ($267k/unit). Built in 1962, the property sits on 0.44 acres and consists of two two-story buildings. It is located on a quiet tree-lined street and offers a diverse unit mix of three studios, nine one-bedroom and six two-bedroom floor plans.
An in-place ratio utility billing system (RUBS) has tenants paying for all utilities, including water and trash. Community amenities include a laundry facility, garage parking and a large central courtyard with well-maintained landscaping. The property recently had major interior and exterior upgrades including new flooring, appliances, updated bathrooms and kitchens, windows, stairs, railings and fascia.
Residents of 1800 W. Glencrest Ave are within walking distance of major retailers including Target, Walmart and The Home Depot. The property is also adjacent to I-5 and within one mile of the 91 Freeway, and minutes to cultural activities, shopping, restaurants and job centers. There are more than 280,000 people within a three-mile radius with an average household income of $99,413.
CBRE’s Dan Blackwell, Mike O’Neill and Andrew Boukather represented both the buyer and seller in the deal. The seller of the Anaheim property exchanged into the 20-unit Costa Mesa property at a price of $7.32 mil, or $366k/unit.
Built in 1959, the Costa Mesa property, Monrovia Arms Apartments, sits on 0.46 acres at 1887 Monrovia Ave. It consists of a single two-story building, conveniently situated near shopping centers, restaurants, coffee shops and the beach. Located 1.2 miles from Triangle Square and the 55 Fwy, the apartment community features one- and two-bedroom floor plans with private balconies in select units.
Recent renovations in select units include granite countertops, wood-style flooring and stainless-steel appliances. Monrovia Arms Apartments is a gated community with a swimming pool, BBQ area and a community laundry room.
The buyer of the Costa Mesa property was able to take over a 3.5% assumable non-recourse loan with eight years remaining on the term. CBRE’s Blackwell and O’Neill also represented the seller of the Costa Mesa property. All parties involved in both trades were private investors based in Southern California.
According to O’Neill, “The purchase of the Anaheim and Costa Mesa properties represented a ‘flight to quality’ for the buyers. The seller of the Costa Mesa property was extremely happy that he got his price and terms and provided sufficient time for the buyer to sell his Anaheim property. With limited availability for future development, there is a high barrier to entry for future housing competition, making these low-density properties irreplaceable.”
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