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Laguna Beach Multifamily Trades at Full Asking Price
CBRE closed the sale of an eight-unit multifamily community in Laguna Beach to a private Orange County-based investor for $3.075 million, representing a sale price of $908 per square foot and $384,375 per unit. EVP Dan Blackwell and first VP Mike O’Neill represented the seller, a private investor based in Orange County.
The apartment building is located at 525 Catalina, just a few blocks from Laguna’s Main Beach and downtown. Built in 1957, the two-story, 3,388-square-foot building sits on a 0.14-acre lot and features all studio units with ocean views in select units. This is the first time the property has been available for sale in more than five decades.
“Our team generated six competitive offers within the first two weeks of marketing this prime value-add asset,” said Blackwell. “We closed with an all-cash buyer at 100% of the asking price in 33 days, 51 days from list to close.”
- ◦Sale/Acquisition
