(To read more on the multifamily market, click here.)

|

NEWPORT BEACH, CA-Four multifamily properties totaling 50 unitshave traded for $12 million here and in three other transactionsthat underscore the strong demand for apartment investments ofevery size in Orange County, according to Hendricks & Partners.The largest in dollar value was a $4.3 million deal for 12 unitsand the largest property in size was a 23-unit complex that soldfor $4.2 million.

|

The $4.3 million deal was the sale of the Rutland Apartments at1128 & 1142 Rutland Rd. in Newport Beach. Steven Brombal of theNewport Beach office of Hendricks & Partners calls int a primelocation in the area of Westcliff and Dover Drive, a few blocksfrom Newport's Back Bay and the Newport Harbor.

|

Brombal, who brokered all four of the deals, notes that rents inthe area have increased 33% since February 2004. The buyer,NewportCourtyard Apartments LLC, is planning extensive exteriorupdatingand remodeling to capitalize on rent growth as well as the prospectof future rent growth.<pThe 23-unit property was the GrahamStreet Apartments at 9721 Graham St. in Cypress, which is the onlymultifamily complex on the street. The garden style complexfeatures eight "very large" one-bedroom, one-bath units, plus 14two-bedroom units and one "huge" three-bedroom, three-bath unit,according to Brombal.

|

The other two properties were a 10-unit complex at 1980 &1984Anaheim Ave. in Costa Mesa and a five-unit complex at inWestminster. The 10-unit property is in the Westside Costa Mesasubmarket, one of the county's strongest, and consists ofdetachedcottages that have been remodeled. Notes Brombal, "This offeringrepresented the first time 1980 &1984 Anaheim Ave. had beenoffered for sale since being built in 1976."

|

The five-unit complex was at 7741 15th St. in Westminster, whichBrombal describes as a unique property that features a 2,200-sfunit that has been completely remodeled. With this sale, and therecent record sale of $355,000 per unit on 7862-72 12th St.,Westminster continues rack up record sale prices, Brombalnotes.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.