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Costa Mesa Apartments Sell with Value-Add Upside
CBRE arranged the sale of Crestview Apartments, a 19-unit multifamily property in Costa Mesa, to a local private investor for $5.025 million. The selling price represents $563 per square foot and $264,474 per unit and marks the circa-1957 property’s first sale in more than 40 years.
EVP Dan Blackwell and first VP Mike O’Neill represented the seller, a private Orange County, CA-based investor. Blackwell, O’Neill and CBRE associate Jack O’Connor represented the buyer, also an Orange County-based private investor.
“Our marketing process generated multiple competitive offers through our investor network,” noted Blackwell. “This was a value-add opportunity as current rents were more than 30% below market and the property had an attractive 3.34% assumable loan, which our team assisted the buyer with assuming.”
- ◦Sale/Acquisition
