X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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

Once you are an ALM digital member, you’ll receive:

  • 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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.