COSTA MESA, CA-A developer based in Newport Beach has paid $325,000 per unit for a 10-unit apartment complex here, one of the highest prices ever paid for a comparable property in the area on a per-unit basis. Steven Brombal of Hendricks & Partners reports that the Costa Del Lido complex, at 2453 Orange Ave., was sold by an Orange County-based trust for $3.25 million.
Costa Del Lido consisted of 10 fully detached cottages of 825 sf each on a 38,108-sf parcel, with a single-car garage and a large private yard for each cottage. The property was 100% rented at the time of the sale, with the units renting for $1500 to $1575, compared with market rents of $1650.
Brombal, who represented both the buyer and the seller, says that the buyer intends to tear down the cottages and construct nine single-family detached residences, with construction expected to start in June.
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