CBRE announced the sale of a 30-unit multifamily community La Pat Courtyard Apartments in Westminster, California to a private investor for $10,025,000. The transaction marked the city’s largest multifamily sale in the past 12 months. The Multifamily SoCal Team led by Blackwell currently has 11 multifamily properties under contract and in escrow.
CBRE’s Executive Vice President Dan Blackwell and Vice President Andrew Boukather represented the Los Angeles-based seller. Blackwell, along with CBRE Associate Amanda Fielder, represented the 1031 exchange buyer from Orange County, California.
“La Pat Courtyard Apartments at 13812 La Pat Place presented a rare opportunity for an investor to acquire a fully turnkey multifamily asset with RUBS in a dense, urban infill market with numerous nearby amenities,” noted Blackwell. “Through our investor network, we generated seven competitive offers and achieved a 5% in-place cap rate, with each unit priced at $334,167 or $468 per square foot.”
Situated on a 0.89-acre lot between Westminster Boulevard and Humboldt Avenue, La Pat Courtyard Apartments at 13812 La Pat Place is a 21,416-square-foot, two-story, two-building apartment community. Originally built in 1961, the property recently underwent extensive interior and exterior renovations, totaling over $1.4 million in improvements. The community has an excellent unit mix, featuring one studio, 17 one-bedroom units and 12 two-bedroom units, all completely remodeled as part of the renovation process. The units include a new washer and dryer, stainless-steel appliances, a wall air conditioner, mirrored closet sliding doors and plank vinyl flooring throughout the unit.
Amenities at La Pat Courtyard Apartments include a spacious courtyard with picnic tables, BBQs and pergolas for shade, as well as front and rear security gates. The property offers 49 parking spaces, including three garage spaces, 27 covered spaces and 19 open spaces.
The property operates with a Ratio Utility Billing System (RUBS), where tenants cover payment of water and trash, and individual electricity metering, which reduces the landlord’s utility costs.
“Based on our research, the rents at La Pat Courtyard Apartments are within 15% of market rates, enabling the buyer to immediately realize stable income upon acquisition,” explained Boukather. “Furthermore, there is potential to construct an accessory dwelling unit in an obsolete laundry room, providing the buyer with additional income.”
La Pat Courtyard Apartments is conveniently located within walking distance of shopping, parks, schools, entertainment and medical services. Situated behind the apartment community is Westminster Center, home to tenants such as Regency Theatres, Home Depot, Ross, Albertsons and Petco. Westminster Mall is just 1.2 miles away, with Westminster High School less than one mile away and Golden West College 2.2 miles away. Residents of La Pat Courtyard Apartments also benefit from easy access to Interstate 405 and California Highway 22.
“We are witnessing a consistent demand for well-positioned multifamily assets in Southern California, with a strong preference for turnkey properties, like La Pat Courtyard Apartments and our team’s recent sales in Eastside Costa Mesa and Anaheim,” stated Blackwell. “Furthermore, our team has been instrumental in guiding buyers and sellers in developing a strategic renovation plan when acquiring properties or selling multifamily properties.”
