Beachwood Apartments, an 18-unit apartment complex in Huntington Beach, recently sold for $8.65 million or $480,556 per unit.
CBRE represented the buyer and the seller, both Orange County residents, in the sale.
If the price per unit seems low compared with recent deals highlighted in our real estate roundup, you’re not wrong. CBRE brokers say future renovations to the 53-year-old property could result in rent increases of up to 36% to match market rates.
“The property is situated close to Pacific City, restaurants and shopping, and is only 0.1 miles from beach access,” said Mike O’Neill at CBRE. “Beachwood Apartments also presents a value-add opportunity. Through a renovation plan, current rents can be increased by approximately 36% to reach market levels…”
The apartments at 125 16th St. were completed in 1971 and include one-, two-, and three-bedroom floor plans spread over 15,809 square feet. The property includes a courtyard, sun deck, laundry facilities and an on-site manager. Tenants have access to 24 garage spaces.
In recent weeks we’ve seen a tidy number of small apartment compounds trade hands.
Eight units in two properties in Huntington Beach were highlighted in early June after they sold for a combined $5.4 million or $678,125 per unit.
CBRE represented both the unidentified buyer and the seller in two late-April deals, which include a fourplex at 321 22nd St. and the neighboring fourplex at 317 22nd St.
In Costa Mesa, the eight-unit Kenwood Place Apartments sold June 10 for $3,450,000 or $431,250 per unit.
And reaching a high-water mark for pricing, an array of cottages with seven apartments just two blocks from the beach in downtown Laguna Beach sold in late April for $841,429 per unit or $5.89 million.
Los Alamitos complex sells for $8.6 million
To the north in Los Alamitos, a 20-unit, 57-year-old apartment complex sold June 6 for $8,637,500 or $431,875 per unit.
Both the seller and the buyer are LLCs. Morgan Skenderian Investment Real Estate Group represented the seller.
The 22,862-square-feet property at 4111 Green Ave. was completed in 1967. Property Shark documents show renovations were made in 2015, when kitchens and bathrooms were replaced with modern amenities.
Industry awards
Two Orange County firms shared their recent PCBC Gold Nugget awards. The 61st annual honors, handed out June 19, were selected by a panel of industry experts and given to top innovators in design, planning and development.
The architecture and design firm AO in Orange took home three grand prize awards that included:
Spruce & Red Oak: Designed for developer Western Spire in Rancho Cucamonga, it won for Best On-the-Boards Multi-Family Community
VRV: Designed for developer Bonanni Development in Stanton, it won for Best Multi-Family Housing Community 60 to 100 acres.
Garden Brook Senior Village: designed for developer AMG & Associates in Garden Grove, AO won the grand prize for Best Affordable 55+ Housing Community category.
MVE + Partners in Irvine won two Merit Awards in the Best On-the-Boards Multifamily Community category:
The Rafferty is a 218-unit multifamily and mixed-use development in Santa Ana designed for developers Toll Brothers & First American Title. The 223,569-square-foot sits on the site of the First American Title Co. headquarters, formerly Orange County Title Co. The complex recently celebrated its grand opening.
The Ritz-Carlton Residences Newport Beach was designed for developer Lyon Living & Eagle Four Partners. The 22-story development will cater to buyers looking to live in a 5-star hotel, according to MVE. The 100-unit property will overlook Fashion Island, Newport Beach Country Club, Newport Harbor and the Pacific Ocean. Ground has yet to be broken.
On the move
Rachel Parsons and Derrek Ostrzyzek have shifted to CBRE, joining the brokerage’s multifamily investment sales team in Newport Beach. The team will specialize in the sale of institutional apartment complexes and multifamily development and equity raises in the region, according to CBRE. Both Parsons and Ostrzyzek join as executive vice presidents. Parsons previously worked at Moran & Co., while Ostrzyzek joins from Berkadia.
Gloria Lopez recently joined the administrative staff at the Saywitz Co. in Newport Beach She will help brokers and the firm’s property management divisions of the company.
The real estate roundup is compiled from news releases and written by Business Editor Samantha Gowen. Submit items and high-resolution photos via email to sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.
