Another four-plex in Orange, located on the eastern side of Old Towne, has recently been sold. The property, situated at 224 S. Oak St., was sold for a total of $1,590,000, or $397,500 per unit. The building, which is 66 years old, consists of four apartment units and sits on a 10,809-square-foot lot near Loving Hut and Taco Los Reyes. It was built in 1957 and includes two one-bedroom and two two-bedroom units, all with laundry facilities. The property also offers eight parking spaces on-site, along with four garage spaces and four tandem spaces. According to Amanda Fielder at CBRE, the property is a fully turnkey asset with 100% one-story, one- and two-bedroom units. Extensive renovations costing $200,000 were completed within the past year, with all four units receiving a full renovation. The gross monthly rent of $9,500, which represents a 5.25% cap rate, was a major selling point for buyers. Fielder states that the four-unit multifamily market is highly competitive at the moment due to the limited inventory of quality properties. She also mentions that various types of investors, including experienced buyers, are showing interest in these properties. In July, three separate four-unit apartment properties were sold to different buyers within a span of 10 days, totaling $5.48 million. One of these properties was another four-plex in Orange, which sold for $1.78 million, or $443,750 per unit. The property near Holy Family Catholic Church received multiple offers and was sold for $75,000 above the ask price. Additionally, Dallas-based Dalfen Industrial made their first California purchase by acquiring The Mart, a two-building industrial park in Anaheim. The park spans 182,800 square feet and was fully leased at the time of the sale. Dalfen Industrial specializes in last-mile logistics and considers the acquisition to be a strategic move in Southern California’s thriving industrial market. Another recent purchase in the industrial sector was made by Newport Beach-based CapRock Partners, who acquired Valley Center Business Park in the City of Industry. The 6.47-acre multi-tenant industrial complex includes six buildings with a total of 92,366 square feet. The park was 85% leased at the time of the sale, and CapRock Partners plans to make immediate improvements to enhance its functionality and market appeal. In the Phoenix submarket, CapRock Partners has completed Phase I of CapRock West 202 Logistics, a speculative industrial development. Colson Group USA, a manufacturer and distributor of caster, wheel, and other hardware products, has signed a lease for 118,833 square feet at CapRock West 202 Logistics and will be moving in later this year. Registration for the 11th annual SPIRE Awards, hosted by Commercial Real Estate Women (CREW) in Orange County, has opened. The awards gala, which honors outstanding performance in real estate, will take place on October 20th at the City National Grove of Anaheim. Wes Hunnicutt and Matt Moore have joined Stream Realty Partners in Irvine as executive vice presidents. This duo will focus on expanding the company’s lease platform in Los Angeles, Orange County, and the Inland Empire markets.
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