A 17-unit apartment complex located at 13931-13951 Illinois St. in Westminster recently sold for $6 million, amounting to $352,941 per unit, as reported by CBRE. The seller was represented by CBRE, which described them as an out-of-state private real estate investor. Additionally, CBRE also represented the unidentified Orange County-based buyers involved in the transaction.
According to Dan Blackwell, an executive vice president at CBRE, the property presented an opportunity for investors to enhance their returns by improving the rent roll and adding two detached accessory dwelling units.
The apartment complex, built in 1963, is comprised of 14 single-story buildings situated on approximately 1 acre of land. All of the units within the property are two-bedroom apartments.
CBRE stated that the property owner had recently renovated at least 80% of the units, which included updates such as new windows and sliding doors, laundry hookups in select units, fresh interior paint, ceramic tile flooring, and refinished cabinets.
In addition to the sale of the 17-unit complex, CBRE also facilitated the exchange of two smaller apartment communities, totaling 38 units, for a combined price of $12.12 million. CBRE represented both the buyer and seller in the transaction. The Anaheim property consisting of 18 units was sold for $4.8 million, while the Costa Mesa property with 20 units fetched $7.32 million.
The Monrovia Arms Apartments in Costa Mesa, built in 1959 and featuring a two-story building, was sold by an owner who had expressed interest in selling after owning the property for over 20 years. The ownership of the Anaheim property was motivated to exchange their 18 units for additional units in Costa Mesa.
The identities of the involved parties were not disclosed but are confirmed to be based in Southern California.
Another noteworthy real estate transaction took place in Las Vegas, where Newport Beach-based CapRock Partners and venture partner Ares Management sold Tropical Logistics Phase II to Stockbridge Capital Group for an undisclosed amount. However, reports suggest that the sale price of the industrial campus was $87 million. The fully leased, 21.9-acre Class A complex is located at 6325-6185 N. Beesley Drive, with notable neighbors such as Sysco, WestRock, and TemperPack along Interstate 15.
CapRock and Ares Management have successfully completed three developments together as part of their joint venture.
The Orange County chapter of the United Nations Association appointed Julie Laughton, the CEO and owner of Julie Laughton Design Build in Laguna Beach, as its ambassador of affordable housing. In this role, Laughton will collaborate with local leaders from government, business, academia, and nonprofits to tackle the affordable housing crisis in Orange County.
This article was compiled based on press releases received by contributing writer Karen Levin. Readers are invited to submit relevant items and high-resolution photos via email to Business Editor Samantha Gowen at [email protected]. Allow at least one week for publication, and note that all submissions are subject to editing for clarity and length.
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