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Apartments Trade for Westminster’s Largest MF Sale in 12 Months
CBRE closed the sale of a 30-unit multifamily community in Westminster to a private investor for $10,025,000. The transaction marked the city’s largest multifamily sale in the past 12 months.
EVP Dan Blackwell and VP Andrew Boukather represented the Los Angeles-based seller. Blackwell, along with CBRE associate Amanda Fielder, represented the 1031 exchange buyer from Orange County.
“La Pat Courtyard Apartments at 13812 La Pat Pl. presented a rare opportunity for an investor to acquire a fully turnkey multifamily asset with RUBS in a dense, urban infill market with numerous nearby amenities,” said Blackwell. “Through our investor network, we generated seven competitive offers and achieved a 5% in-place cap rate, with each unit priced at $334,167 or $468 per square foot.”
At nearby 13872 La Pat Pl., Blackwell and Boukather represented the buyer and seller in the sale of a similarly renovated 30-unit apartment community, which sold for $10 million last year. The sale represented $333,333 per unit or $465 per square foot.
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- ◦Sale/Acquisition
