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Laguna Beach Multifamily Trades for More Than $840K/Unit
CBRE closed the sale of a seven-unit multifamily property in downtown Laguna Beach to a private investor for $5.89 million. At $1,275 per square foot and $841,429 per unit, the sale was one of the highest price-per-unit sales in the Laguna Beach multifamily market over the past six months, according to CBRE.
EVP Dan Blackwell and first VP Mike O’Neill represented the Northern San Diego County-based seller, a repeat client. The buyer was based in Laguna Beach. Both the buyer and seller were in a 1031 exchange.
Additionally, though the team did not represent the buyer, the team was able to assist the buyer in securing lender financing.
The transaction encompassed two adjacent parcels totaling 9,980 square feet of land at 363-397 Park Ave. and 502 and 504 Goff St. The positioning near restaurants, grocery stores, retail shops, parks, schools and entertainment further increases their desirability, O’Neill said.
