CBRE Brokers the Sale of 2 CA Properties
The properties, located in the Inland Empire and Orange County, sold for a total of $10.8 million.
1570 N. Coast Highway
A family partnership has sold two multifamily properties in Southern California’s Inland Empire and Orange County in separate transactions for a total of $10.8 million.
CBRE’s Dan Blackwell represented the family in both deals and the two buyers. Mike O’Neill, also of CBRE, assisted with the sale of the Laguna Beach, Calif., property.
The larger of the two properties is Town Center Garden Apartments, 4575 Jurupa Ave., Riverside, Calif., with 46 units. The 36,640-square-foot property along with 24 additional parking spaces on an adjacent parcel sold for $6.05 million to a private investor. The asset features a gated entry, swimming pool and barbeque area and on-site laundry.
“The buyer was attracted to the property because of its great unit mix and the value-add opportunity in the supply constraint Riverside market,” Blackwell said in a prepared statement.
The Laguna Beach property at 1570 N. Coast Highway has eight units in 5,920-square-feet and sold for $4.73 million to another local investor.
“This eight-unit building sits in an affluent North Laguna Beach location with ocean views; demand for these types of irreplaceable properties never wanes,” Blackwell noted. “The buyer, who was a repeat client of ours, had the chance to acquire a stabilized, well-positioned asset in Orange County along the Pacific Coast Highway while the seller could take advantage of the price appreciation of the last few years.”
Growing Markets
The Inland Empire, in particular, has experienced substantial economic growth, driven in part by its relative affordability and strong job market buoyed by the ecommerce growth and demand for industrial space, according to CBRE research.
“Demand continues to rise, bolstered by population gains that are among the highest in the state. And although some yields are compressing, there are still plenty of value-add opportunities around Riverside and San Bernardino counties,” a recent Yardi Matrix report stated.
Yardi Matrix, which projected rents to grow by about 4.4 percent in 2018, said development in that market “will likely stay tepid, as only 1,600 multifamily units are expected to come online this year.”
Last August in the Inland Empire, Blackwell worked with CBRE’s Eric Chen as they represented both the buyer and seller in the $8.9 million sale of a 68-unit apartment complex at 4205-4251 Evart St. in Montclair, Calif. Mak and Wen Management acquired the 34,212-square-foot Evart Street Apartments community, which had 95.6 percent occupancy at the time of the transaction.
In March, Blackwell represented Brandywine Homes, the developer and seller of Parkview Apartment Homes, a 22-unit community in Buena Park, Calif., for $9.2 million. The 400,000-square-foot multifamily asset at 6785 Knott Ave. was sold to Cameron Properties Inc.
