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HUNTINGTON BEACH, CA-Illustrating that even small investors buying small buildings are bidding up prices, a three-unit apartment property here commanded $253,000 per unit, according to the Multi-Housing Private Client Group of CB Richard Ellis Inc.

Steve Heri and Cara Weichman of the Anaheim office CB Richard Ellis represented both the buyer and the seller. Heri says the high per-unit price reflects the ever-rising demand for coastal properties.

The 27-year-old-property is at 2201 Alabama St. and consists of a one-bedroom, one-bath unit; a two-bedroom townhouse-style unit; and a three-bedroom townhouse-style unit with one and a half baths. All three units, which measure more than 1,000 sf each, were occupied at the time of the sale.

The buyer, a private investor based in the San Fernando Valley, acquired the property from Santa Barbara Bank & Trust of Santa Barbara, which had held the building since 1989. Weichman notes that both private investors trading through the Private Client Group and institutional buyers trading through the CB Institutional Group have been bidding up prices for coastal properties lately.

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