Laguna Beach Apartments Change Hands After 40-Year Hold

CBRE arranged the sale of Sterling Plaza Apartments, a 12-unit multifamily community at 2607 Solana Way in Laguna Beach, to a private investor for $7,375,000, representing a sale price of $614,583 per unit and $751 per square foot. This was the first time in 40 years that the family-owned property had sold.

EVP Dan Blackwell and SVP Mike O’Neill represented the San Francisco Bay Area-based seller. Blackwell and O’Neill also represented the buyer, a repeat client from Los Angeles County who sought to enter into a Delaware Statutory Trust.

“Sterling Plaza Apartments is a one-of-a-kind, highly recognizable property several stories high situated along Coast Highway in Laguna Beach, one of the most highly coveted rental markets in all of California,” said O’Neill. “This prime location offers great ocean views from every unit plus convenient access to beaches and all that Laguna Beach and South Orange County has to offer.”

Tomorrow afternoon, hear from and meet with retail CRE’s leaders and power players at Connect Retail West in Los Angeles! Get expert insights from ICSC, Caruso, Anderson Real Estate, Primestor, and more. Don’t miss out on the most anticipated event of the year that brings together the most active investors, owners, developers, forecasters, managers, brokers, lenders, and others in retail CRE. Register online or onsite, and we’ll see you tomorrow at the Luxe Sunset Blvd Hotel!