Islandia Sells to Private Partnership as Part of 1031 Exchange

Islandia Apartments is a 46-unit apartment building located at 7152 Fenway Dr. in Westminster, CA. The Orange County apartment recently sold to a private family partnership for $13.7 million as part of a 1031 Exchange.

CBRE’s Dan Blackwell, Mike O’Neill and Andrew Boukather represented the buyer. As part of the 1031, Blackwell and O’Neill sold the buyer’s downleg mixed-use property in Laguna Beach for $5.95 million. The property consisted of nine oceanview apartment units and eight street-facing retail/office suites in proximity to downtown Laguna Beach.

“We were able to source an off-market property in order to fulfill our clients’ exchange needs,” said Blackwell. “The purchase of the 46-unit apartment building in Westminster represented a great opportunity for the buyer to stay in the highly desirable Orange County multifamily market while increasing their cash flow with a building that has five times the apartment units and potential additional upside through future renovations and the repositioning of the property. We generated a full-price offer on the buyer’s Laguna Beach property and went into escrow on the 46-unit building prior to the close of escrow, handling the entire 1031-Exchange process for our clients from start-to-finish.”

Islandia Apartments features five separate buildings. The property sits about 8 miles north of Huntington Beach and 20 miles east of Long Beach.