Costa Mesa Multifamily Changes Hands for Value-Add Repositioning

Marcus & Millichap finalized the sale of 1990 Maple Ave., a 41-unit multifamily property in Costa Mesa. The property sold for $16.9 million or $412,195 per unit, approximately $550,000 above the property’s 2018 selling price.

“Sundance West Apartment Homes presented a rare opportunity to acquire a low-density multifamily community in one of Orange County’s most supply-constrained rental markets,” said Matthew Kipp, senior managing director investments. “The property’s unique concentration of two- and three-bedroom floor plans and the meaningful capital improvements completed by prior ownership, including electrical upgrades and roof replacements, attracted significant investor interest. The competitive bidding environment allowed the seller to look beyond price alone and select a buyer whose local experience provided the highest confidence in execution.”

Kipp and Tyler Leeson, executive managing director investments, in Marcus & Millichap’s Orange County office, marketed the property on behalf of the seller, a local family, exchanging out-of-state to reduce hands-on management, and procured the buyer, a professional investor acquiring for value-add repositioning.

If you’re reading about the multifamily industry, you should be in the room with its leaders. Connect Apartments brings together the executives featured in Connect CRE’s coverage for an afternoon of high-level insights and unmatched networking on September 22 at The Biltmore in LA.