CBRE announced the sale of three multifamily properties in Eastside Costa Mesa, California, to individual buyers, marking a total of 13 units and $7,423,500 in transactions. The portfolio includes the following: 2666 Orange Avenue, 140 Albert Place, and 122 Magnolia Street.
In the first transaction, CBRE’s Executive Vice President Dan Blackwell and First Vice President Mike O’Neill arranged the sale of six units at 2666 Orange Avenue, representing both the buyer and seller. The property sold for $3,235,000, equating to $539,167 per unit and $719 per square foot. The buyer was a private investor from Newport Beach, while the seller, also a private investor, was based in Los Angeles County.
“This property, set on a large 18,300-square-foot lot, features a collection of individual cottages and a duplex facing Orange Avenue,” Blackwell commented. “We generated multiple offers through our investor network and sold it to a repeat client who was looking for such a property in this geographic location.”
“We were also able to arrange seller-carry financing for the buyer,” O’Neill noted. “Having represented the seller previously, it was rewarding to facilitate this deal and see both parties benefit. Further, with planned upgrades, the buyer stands to increase rental yields.”
In the second transaction, Blackwell represented the buyer in the sale of three units at 140 Albert Place, totaling $2,150,000 at $716,667 per unit and over $829 per square foot. Both the buyer and seller were private investors from Newport Beach and not in a 1031 exchange. The buyer was a repeat client.
In the third transaction, CBRE’s Blackwell and O’Neill, secured the sale of four units at 122 Magnolia Street in a 34-day escrow to a private investor client for $2,038,500, averaging $509,625 per unit and $829 per square foot. The non-exchange buyer was based in Orange County and the seller, a private investor, was from Newport Beach and was the same seller as 140 Albert Place.
Nearby, Blackwell, O’Neill, and CBRE Jack O’Connor represented both the buyer and seller in the $5,750,000 sale of a 12-unit multifamily property with two approved Accessory Dwelling Units (ADUs) at 1993 Church Street in Eastside Costa Mesa California. The property closed in 26 days from opening of escrow and was the third time that the team sold this asset.
“These properties are situated in one of Orange County’s most coveted rental markets, offering tenants convenient access to parks, top-rated schools, beaches, and the diverse amenities of 17th Street,” Blackwell highlighted. “The Eastside Costa Mesa market remains robust, showing ongoing growth and activity. Investors are drawn to multifamily properties in this area due to the consistent demand for rental housing, the potential for strong rental yields, and the stability of the local economy, making it an attractive investment opportunity.”
