X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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

HUNTINGTON BEACH, CA-The new owner of a 76-unit apartment complex plans to take his prize and follow the condo-conversion trend. Mission Viejo-based Las Brisas HB LLC bought the complex from Life of Hermosa Beach for more than $28.1 million, according to Peter Hauser of the Newport Beach office of Hendricks & Partners, who negotiated the sale.

A subdivision map was already in place at the Las Brisas complex, at 7981 Bay Dr., less than a mile from the beach, at the time of the sale. The buyer plans extensive improvements, including the addition of a waterscape to the entrance of the property, along with a new pool, spa and clubhouse, according to Hauser.

The conversion of the Las Brisas is the latest in a continuing redevelopment of a number of property types into residential condominiums in Orange County, which has one of the nation’s strongest demands for housing. Not only apartments but also commercial and industrial property is being turned into condos, notes a recent report by Hendricks & Partners that says “The transformation of commercial/industrial space to multifamily product has accelerated within Orange County.”

The nearby City of Costa Mesa, for example, has approved a plan for a 600-acre area in the city’s Westside to convert nearly 1.5 million sf of existing industrial space into 4,000 multifamily units over the next 20 years. Hauser comments that the Las Brisas units should command strong prices, given the demand for housing in the county, where the apartment market remains strong as well.

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

*May exclude premium content
Already have an account?

 

GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

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
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.