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CBRE Arranges $18.5M Sale of Costa Mesa Apartment Complex
CBRE’s Dan Blackwell, Mike O’Neill and Priscilla Nee have represented both parties in the $18.5 million sale of Avocado Street Apartments, a 48-unit multifamily community in Costa Mesa, CA. The seller was a local private investor and the buyer was also a private investor in an all-cash 1031 exchange.
“We generated five qualified offers for this low-density, garden-style asset that also offered investors a value-add opportunity,” said Blackwell. “Our team was able to close at a sale price representing $385,416 per unit, with a selling cap rate of 2.77%.”
The multifamily community consists of four two-story building on two parcels totaling 1.7 acres. The property has a mix of one- and two-bedroom residences with shared amenities that include a laundry room, two swimming pools and recently renovated BBQ areas. Blackwell says the community is the largest multifamily property to sell in Costa Mesa this year.
- ◦Sale/Acquisition
