CBRE arranged the sale of a 12-unit multifamily property, Ebtide, in Costa Mesa for $5.75 million to a private investor. The selling price represents $753 per square foot and over $479,000 per unit. It recently underwent an extensive renovation of nearly $1 million.
EVP Dan Blackwell, first VP Mike O’Neill and associate Jack O’Connor represented both the buyer and seller in the non-exchange transaction. The buyer was based in Newport Beach and the seller was based in Nashville.
“Our exclusive marketing process generated multiple competitive offers for this prime Eastside Costa Mesa turnkey property,” said Blackwell. “Our seller was a repeat client and the buyer was sourced through our investor network. We achieved a 26-day escrow from open to close and the Ebtide property was delivered with two city-approved ADU permits.”
Costa Mesa is nestled between Huntington Beach and Newport Beach, each boasting sandy shorelines along the Pacific Coast. Though Costa Mesa is not directly on the water, the city still offers beautiful views and nearby beaches. Downtown Costa Mesa is the city’s lively commercial district in Orange County, situated about 43 miles southeast of Downtown Los Angeles.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has approximately 130,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
