CBRE announced the sale of a 13-unit multifamily property at 553 and 555 Victoria Street in Costa Mesa, California. The transaction closed at $8.6 million, marking the highest price per unit achieved for a multifamily property in Westside Costa Mesa over the past 18 months.
CBRE’s Dan Blackwell, Mike O’Neill and Jack O’Connor represented the Costa Mesa-based private seller, a repeat client of CBRE. The buyer is a private investor based in Huntington Beach, California.
“This transaction underscores the continued strong demand for well-located multifamily assets in Westside Costa Mesa,” said Blackwell, executive vice president at CBRE.
“Leveraging our market knowledge and investor network, we generated significant interest and achieved a record price per unit for our client. The deal was creatively structured with seller financing, which was key to unlocking a strong sales price and achieving this record-breaking outcome for our client.”
“The per-unit sale price of $661,538 set a new benchmark in the city, reflecting the strong investor appetite for premium properties in desirable coastal locations,” said O’Neill, senior vice president at CBRE. CBRE’s marketing process for the property generated eight competitive offers.
Located on a 0.8-acre lot, the Victoria Street property contains 10 buildings with 13,712 square feet of rentable space. The unit mix includes eight two-bedroom cottages (built in 1962) and five three-bedroom townhomes (built in 1990), each with a private backyard. Townhome amenities include fireplaces, walk-in closets, and electric garage door openers. The property has 36 parking spaces and benefits from recent upgrades such as 50-year roofs, copper plumbing, new concrete driveways, and 50-year exterior walls.
The transaction closed in 28 days to accommodate the buyer’s 1031 exchange requirements. The property sold for 98 percent of the list price.
According to O’Neill, the property’s location, rental demand and embedded value made it a strong acquisition opportunity, with in-place rents 15 percent below market rates and the potential for an accessory dwelling unit (ADU) in the oversized rear garage. This sale marks the CBRE team’s 14th multifamily closing in Costa Mesa within the past 22 months.
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 2024 revenue). The company has more than 140,000 employees (including 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.
