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Islandia Apartments

Islandia Sells to Private Partnership as Part of 1031 Exchange

Islandia Apartments is a 46-unit apartment building located at 7152 Fenway Dr. in Westminster, CA. The Orange County apartment recently sold to a private family partnership for $13.7 million as part of a 1031 Exchange.

CBRE’s Dan Blackwell, Mike O’Neill and Andrew Boukather represented the buyer. As part of the 1031, Blackwell and O’Neill sold the buyer’s downleg mixed-use property in Laguna Beach for $5.95 million. The property consisted of nine oceanview apartment units and eight street-facing retail/office suites in proximity to downtown Laguna Beach.

“We were able to source an off-market property in order to fulfill our clients’ exchange needs,” said Blackwell. “The purchase of the 46-unit apartment building in Westminster represented a great opportunity for the buyer to stay in the highly desirable Orange County multifamily market while increasing their cash flow with a building that has five times the apartment units and potential additional upside through future renovations and the repositioning of the property. We generated a full-price offer on the buyer’s Laguna Beach property and went into escrow on the 46-unit building prior to the close of escrow, handling the entire 1031-Exchange process for our clients from start-to-finish.”

Islandia Apartments features five separate buildings. The property sits about 8 miles north of Huntington Beach and 20 miles east of Long Beach.


Inside The Story

Dan Blackwell

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.