CBRE arranged the sale of a 17-unit multifamily property in Westminster, Calif. The sale price was $6 million, representing $352,941 per unit and $415 per square foot.
CBRE’s Executive Vice President Dan Blackwell and Senior Associate Andrew Boukather represented the seller, an out-of-state private real estate investor. The team also represented the Orange County, Calif.-based buyers in the transaction.
Located at 13931-13951 Illinois Street, the property was constructed in 1963 and consists of 14 single-story buildings on two parcels totaling 1.13 acres. All of the units are two-bedroom apartments. Amenities include large private patios, open spaceparking, spacious garden-style layout and an on-site laundry facility. The property has been professionally managed and leased with over 80 percent of the units recently renovated. Renovations included new windows and sliding doors, smoothed ceilings, laundry hookups in select units, new lights, fresh interior paint, ceramic tile flooring and refinished cabinets.
“We generated multiple offers and property tours,” Blackwell said. “The property offered investors the opportunity to increase the return by improving the rent roll as well as add two detached accessorydwelling units (ADUs) to the property.”
Blackwell adds, “This is the first-time the property has ever been sold. It has been a generational asset and the seller’s grandfather built the property.”
The Illinois Street property is within walking distance from one of the city’s largest shopping centers, Westminster Center, which features Home Depot, Albertsons, Rite Aid and Aldi. Residents at 13931-13951 Illinois Street are located minutes from cultural activities, shopping, services, restaurants, job centers and two airports (John Wayne Airport and Long Beach Airport). Interstate 405 and California 22 are also easily accessible.
Within a five-mile radius of the property, there are 597,631 people and 23 major employers, totaling 17,026 employees.
Previously, Blackwell and Boukather assisted one of the buyers of Illinois Street to execute his 1031 exchange by selling his seven-unit multifamily property in Santa Ana, California. Located at 1401 W. Walnut Street, near the major thoroughfare of Bristol Street and West 1st Street in Downtown Santa Ana, the property consisted of one- and two-bedroom floor plans and offered investors a significant value-add opportunity through rental increases.
“We generated multiple competitive offers for 1401 W. Walnut Street,” reported Blackwell.
Blackwell adds, “We know who the 1031-exchange buyers and active investors are in the marketplace, so we are able to quickly identify and connect the best parties to achieve both buyers’ and sellers’ exchange objectives.”
