1031 Exchange Triples Buyer’s Unit Count, Increases Cash Flow

In what is being characterized as the largest apartment trade in Los Alamitos in four years, a 20-unit multifamily community recently sold to a private investor for $6.8 million. The 16,805-square-foot property was originally built in 1972 at 3612 Green Ave.

The two-story community is comprised of studio, one- and two-bedroom units and features 20 subterranean parking spaces and a laundry facility. The property is within walking distance from Los Alamitos Boulevard, a major thoroughfare that features many dining and entertainment options.

Dan Blackwell and Mike O’Neill of CBRE represented the 1031-exchange buyer in the transaction.

“The property was an off-market opportunity that we sourced for our 1031-exchange buyer. We sold the buyer’s six-unit downleg property in Laguna Beach for $591,000 per unit and identified the upleg property at $340,000 per unit,” said Blackwell. “It was a great opportunity to handle the entire exchange process for our client from start to finish, and triple the buyer’s unit count and increase cash flow.”