Investors are back on the hunt for smaller, multifamily properties in Orange County.
Three properties with 18 combined units fetched $5.4 million in just days of their listing.
Let’s break down the transactions …
60-year-old apartment building fetches $2.6 million
An eight-unit, two-building apartment property in Anaheim recently traded hands for $2.6 million.
The 60-year-old property at 3509 West Del Monte Drive was completed in 1964. It includes a mix of apartments, including one one-bedroom unit, six two-bedroom units and one three-bedroom unit. The building has a central courtyard, private patios or balconies, a large garage parking and an on-site laundry facility.
“Both the buyer and seller used 1301 exchanges, coming into and out of their respective sales. “We have successfully closed previously with both parties in the past and added this to the list of positive transactions with them both.” said Tyler Leeson, executive managing director of investments in Marcus & Millichap’s Orange County office.
Older Santa Ana properties land $2.8 million
Two small apartment properties with 10 total units in Santa Ana recently traded hands in separate transactions for a combined $2.8 million.
CBRE said both sales were completed with all-cash buyers.
The first property at 3720 South Marine St. is a Covington-style fourplex and sold for $1,575,000 or $393,750 per unit. It took CBRE just 13 days to sell it.
The 56-year-old building includes a mix of two- and three-bedroom units averaging 1,088 square feet. The property includes four garage spaces and two open spaces.
A six-unit property at 411-413 East Chestnut Ave. sold for $1.3 million or $208,333 per unit. It sold after 22 days on the market for nearly double its asking price (96% higher).
The 66-year-old single-story complex has one- and two-bedroom units in 3,582 total rentable square feet. CBRE noted the apartments are individually metered for gas and electricity. There are seven open parking spaces.
“With strong demand for rental housing, attractive cap rates, and the potential for rent growth, these properties offer a compelling investment opportunity,” said Dan Blackwell, an executive vice president at CBRE. “Additionally, the central locations and proximity to amenities make them highly desirable for tenants, ensuring steady occupancy and long-term value.”
Senior living community debuts in San Clemente
An assisted-living senior community recently debuted in San Clemente, offering a suite of options from modest help at home all the way up to dementia-related care.
Set on 2.5 acres, The Seville includes 87 units (63 assisted living units and 24 memory care units) spread across a two-story complex. Amenities include such as package delivery and appointments, a movie theater, fitness center, a salon, and a restaurant serving three daily meals.
There’s also a tended beer and wine bar, private dining room, regular housekeeping and laundry assistance, and a year-round heated pool.
Monthly fees start at $7,500.
“Our new community offers seniors and their families lifestyle options they likely never thought possible, all in a setting that captures the iconic coastal vibe of Southern California while delivering top-tier care,” says Justin Telles, executive director of The Seville.
Staff includes a director, licensed nurses and caregivers who are on-site 24/7.
Developed by Harbert South Bay Partners, The Seville is managed day to day by Momentum Senior Living.
Address: 2421 Frontera Street. For more information, call 949.379.8454 or go to the-seville.com .
On the move
Mitch Pleis, former co-head of Real Estate at CalSTRS, recently joined Newport Beach-based IHP Capital Partners’ advisory board.
Night at the Fights returns
NAIOP SoCal Night at the Fights black tie gala returns Oct. 10 with eight commercial real estate professionals stepping into the boxing ring for four industry bouts.
The theme this year is “007 – A Night of Elegance and Espionage.”
In addition to the main event, participants can expect a champagne tower, robotic bartenders, martinis, tequila tasting, jazz music and a casino royale.
The industry fighters include a lightweight heavyweight bout between Robin Bhalla, Retail Round Robin, and Eric Miller, ODIC; a middleweight bout between Richard Bernal, Fidelity National Title NCS, and Keifer Shaffer, Savills US; middleweight bout between Eric Chan, Langan, and Ray Young, CREIM; and a super heavyweight bout between Jeff Farano, Buchalter and Elijah Goldtrap, Graves Construction.
The main event will also include one professional boxing match.
A silent auction will send proceeds to the Building Block Foundation Fund and NAIOP SoCal’s local and statewide legislative affairs initiatives.
The event is being held at 5:30 pm at the OC Fair & Event Center, Hangar Building in Costa Mesa. For tickets and event information, go to naiopsocal.org/night-at-the-fights-2
The real estate roundup is compiled from news releases and written by Business Editor Samantha Gowen. Submit items and high-resolution photos via email to sgowen@scng.com . Please allow at least a week for publication. All items are subject to editing for clarity and length.
Originally Published: September 27, 2024 at 8:55 a.m.