CBRE closed the sale of four multifamily properties in Eastside Costa Mesa to individual buyers in the space of four weeks, marking a total of 25 units and $13,173,500 in transactions. EVP Dan Blackwell arranged all the transactions, with first VP Mike O’Neill on two of them.

In the first transaction, Dan Blackwell and O’Neill arranged the sale of six units at 2666 Orange Ave., 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.

Blackwell represented the buyer in the sale of three units at 140 Albert Pl., totaling $2,150,000 at $716,667 per unit and more than $829 per square foot. Both the buyer and seller were private investors from Newport Beach and not in a 1031 exchange.

In the third transaction, Blackwell and O’Neill secured the sale of four units at 122 Magnolia Stt. 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 also sold 140 Albert Pl.

Finally, Blackwell, O’Neill, and CBRE’s 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 at 1993 Church St. in Eastside Costa Mesa. The property closed in 26 days from opening of escrow and was the third time that the team sold this asset.

“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,” said Blackwell.