LOS ANGELES –– CBRE’s LA North multifamily has closed the sale of 860 W. Fifth Street in San Pedro, 5925 Woodland Street in Ventura, and 130 Surfside Drive in Port Hueneme for a total of over 178 units and more than $24M. CBRE’s First Vice President, Melinda Russell, represented both the buyer and seller in all three transactions.
“We are experiencing high demand in rarely available, coastal-region apartment homes,” said Russell, First Vice President in CBRE’s Universal City Office. “Our clients are pursuing listed and off-market opportunities to improve management and add significant value.”
In San Pedro, the 99-unit Bayside Terrace was purchased from 860 West Fifth Street, LLC for $13,750,000 by an undisclosed high net-worth individual. The buyer assumed Fannie Mae financing to complete the transaction at a cap rate of approximately 4.9 percent. Built in the late 1970′s, the property has extensive amenities including: a rec room, pool, spa, fountain, sitting areas, and views of the San Pedro harbor. The project consists of 99 market-rate senior units, which is an under-served market niche for the area.
The 64-unit Woodlands Apartments, which sold for $8,200,000, changed hands from Woodland 1 Limited to an undisclosed Santa Barbara-based investor who already had a strong presence in the market. The deal closed at a 5.1 percent cap rate with new financing obtained in 30 days. The apartments consist of a mix of one-bedroom, two-bedroom, and studio-style units. It is within walking distance to the Victoria Plaza shopping center, Buena High School, and within one mile of Ventura College.
The 15-unit coastal property in Port Hueneme was purchased by an undisclosed local Ventura-area investor for $2,450,000 from Karasiuk Family Trust. It was listed and on the market for less than 30 days. After generating multiple offers, the property sold at a cap rate of 5.5 percent. According to Russell, the buyer, motivated by the potential for greater tax burdens in 2013, paid cash to the existing loan and signed a contract for an under 30-day close. The property is surrounded by single family homes and Class A condos. The Surfside Apartments is a 1960s, postwar bungalow-style property located three blocks from the beach, where the buyer has the potential to build prime apartments or single-family homes on the site.