One apartment property in the Inland Empire and one in coastal Orange County have been sold by a family partnership represented by CBRE’s Dan Blackwell to two different private investors, according to a release distributed by a representative of the firm. The two assets brought in $10.8 million for the seller, the release says.
In the Inland Empire, Town Center Garden Apartments, located at 4575 Jurupa Avenue in Riverside, California, sold for $6.05 million, according to the statement. The property comprises 46 units totaling 36,640 square feet and features gated entry, swimming pool and barbeque area, an on-site laundry facility, and 24 additional parking spaces on the adjacent parcel that was included with the sale of the property, the statement says.
The rep reports that CBRE research finds that the Inland Empire has experienced substantial economic growth, partially due to the region’s affordability in comparison to its neighbors and strong job market fueled by ecommerce growth and its resultant demand for industrial space. In the release, Blackwell says, “The buyer was attracted to the property because of its great unit mix and the value-add opportunity in the supply-constrained Riverside market.”
In Orange County, an apartment property at 1570 North Coast Highway in Laguna Beach, California, sold for $4.73 million to another local investor, the statement reveals. The 5,920-square-foot, eight-unit building “sits in an affluent North Laguna Beach location with ocean views; demand for these types of irreplaceable properties never wanes,” Blackwell says in the statement. “The buyer, who was a repeat client of ours, had the chance to acquire a stabilized, well-positioned asset in Orange County along the Pacific Coast Highway, while the seller could take advantage of the price appreciation of the last few years.”
As SoCal Real Estate recently reported, according to a Q2 report from Marcus & Millichap, Anaheim and Huntington Beach received the vast majority of apartment deal flow in Orange County during the quarter as buyers targeted assets with average transaction prices in the $2 million to $5 million tranche. The typical property is under 25 units, providing opportunities for private investors.
The statement also says Blackwell represented the buyers in both deals and that CBRE’s Mike O’Neill assisted him in representing the buyer in the Laguna Beach transaction.