CBRE announced the sale of Tropicana Apartments, a 21-unit multifamily community in Huntington Beach, California to a private all-cash buyer. The sale price of $7.05 million represents a sale price of $698 per square foot and $337,714 per unit.
CBRE’s Executive Vice President Dan Blackwell and First Vice President Mike O’Neill represented the seller, a private investor based in Huntington Beach, exchanging into a Delaware Statutory Trust (DST). The buyer was also based in Huntington Beach.
According to Blackwell, “This is the first time the property has been available for sale in over four decades.”
The Tropicana Apartments property is located on a corner block one block from the beach at 201 10th Street and features four two-story buildings totaling 10,096 rentable square feet across six lots on two parcels. The gated community was built in 1963 on 0.40 acres and offers a mix of one- and two-bedroom floorplans with ocean views in select units. Community amenities include an ocean-view deck, pool and laundry facilities. There are 18 carports plus three garages for residents.
“Our team generated multiple competitive offers for this prime value-add asset,” O’Neill said. “To maximize value, the new owner could increase rents by 25% or redevelop the property with for-sale product.”
O’Neill continues, “Tropicana Apartments offers the buyer a prime coastal location (Walk Score of 82 as “Very Walkable” and a Bike Score of 90, a “Biker’s Paradise”) situated one block from the beach and a nine-minute walk to shops and restaurants in Downtown Huntington Beach (0.4 miles).”
