CBRE announced the $7.4 million sale of the 18-unit Yorktown Apartments at 7701 Yorktown Avenue in Huntington Beach, California, marking the property’s first time on the market in more than 30 years.
CBRE’s Dan Blackwell and Mike O’Neill represented the Newport Beach-based private seller, who was in a 1031 exchange, and the all-cash private buyer, also from Newport Beach.
“Leveraging CBRE’s strategic marketing approach, combined with the limited availability of larger multifamily properties in Huntington Beach, the Yorktown Apartments became a highly sought-after asset, generating considerable interest and eight competitive offers,” said Dan Blackwell, executive vice president at CBRE.
The property comprises one studio and 17 two-bedroom units, totaling approximately 15,903 square feet of rentable space across two buildings constructed in 1973 and 1974. The 0.7-acre site includes a community courtyard, picnic area, and private patios or balconies in select units, with 35 total parking spaces (17 garage spaces and 18 open-space parking). Recent improvements include new exterior paint, garage roofs, stairs, upper-level walkways, and washers and dryers.
“The seller had identified their upleg located out-of-state prior to engaging us, and our team was able to secure a strong price while also meeting their critical 1031 exchange deadline,” said Mike O’Neill, senior vice president at CBRE. “For the buyer, this acquisition presented an opportunity to capitalize on the property’s all-electric buildings and the potential for rental upside in a desirable Huntington Beach location, less than two miles from the beach.”
According to O’Neill, at the time of listing, the Yorktown Apartments was the only available multifamily property with 15 or more units in Huntington Beach. The sale marks the team’s sixth multifamily closing in Huntington Beach within the past 13 months, reflecting the continued strong demand for quality rental properties in the coastal market.
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.
