CBRE Brokers 2 Orange County Sales
- Apr 05, 2019
After recently brokering the sale of a five-asset portfolio of affordable multifamily properties in Central California, CBRE has facilitated the combined $14 million disposition of two Orange County communities. Senior Vice President Dan Blackwell worked on behalf of the private 1031 exchange buyer from Newport Beach.
Located at 9922 Broadway in Anaheim, Calif., the first asset known as Broadway Luxury Apartment Homes encompasses 25 units. The three-story community was built in 1989. Blackwell represented both parties involved in the $6.8 million transaction.
“The seller had only owned the property for a year and had rehabbed approximately half the units, which provided a desirable upside opportunity to the buyer,” Blackwell said in a prepared statement.
The second community is located at 145 E. 18th St., in Costa Mesa, Calif. The two-story asset was completed in 1959 and includes 19 units. Steven Brombal of Kidder Mathews represented the seller, 18th Street Partners of Laguna Hills, Calif., in the $7.2 million deal. The property is located close to The Triangle, a 191,000-square-foot outdoor entertainment and retail center.
“As there was not a lot of inventory in the $10 million to $20 million range, the strategy was to source better-located properties in the $6 million to $8 million range. Furthermore, the selected sites in Anaheim and Costa Mesa represented value-add opportunities, which was attractive to the buyer,” Blackwell added.
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