Opportunity Zone Land Sites Soar in Value

A private investor has acquired a 12-unit multifamily community in Placentia. The property is located in an opportunity zone site, and traded hands for $2.9 million or $258,000 per unit, significantly more than its appraised value last year.

The sellers have owned the property since they developed it in 1959. It totals 9,216 square feet. Each of the 12 units is 768 square feet and features two bedrooms and one bathroom, as well as a washer and dryer.

CBRE SVP Dan Blackwell represented the seller, a private investor.