CBRE announced the sale of a 30-unit multifamily community in Westminster, Calif., to a private investor for $10 million.
CBRE’s Executive Vice President Dan Blackwell and Senior Associate Andrew Boukather represented the buyer and seller in this transaction.
Located at 13872 La Pat Place, Courtyard Apartments at La Pat Place features a mix of studio, one-, two- and three-bedroom floor plans with private patios in select units. All 30 units were remodeled and part of the extensive renovations completed by the seller, totaling over $1 million in improvements.
According to Blackwell, the property has an in-place Ratio Utility Billing System (RUBS), where tenants pay for water and trash, and the property is individually metered for electricity, which reduces the landlord’s utility costs.
“Courtyard Apartments represented a rare opportunity for an investor to acquire a completely turnkey multifamily asset with RUBS in a dense, urban infill market with many great amenities nearby,” Blackwell noted. “Utilizing our investor network, we generated six competitive offers and achieved a 4.85 percent in-place cap rate and $333,333 price per unit or $465 price per square foot.”
The property, built in 1963 on 40,588 square feet, is within walking distance of shopping, parks, schools, entertainment and medical services. Behind Courtyard Apartments is Westminster Center with The Home Depot, Albertsons and Rite Aid, and 1.2 miles away is Westminster Mall. In addition, Westminster High School is just 1.1 miles away and Golden West College is 2.2 miles away.
“We are seeing a steady demand for multifamily assets in Southern California and a big flight to quality, such as Courtyard Apartments,” said Blackwell. Blackwell’s Multifamily SoCal Team currently has eight multifamily properties in escrow.
