A modest home billed as “Chapman student housing” in the city of Orange sold in late September for $1,774,500.
Shane Young and Dan Lewin of Young Lewin Advisors brokered the purchase, which equaled $295,833 “per bedroom.”
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The house on N. Waverly Street, not far from an elementary school and half a mile from Chapman University, recently upgraded to six bedrooms with an additional dwelling unit.
The property was sold to Nile Pacific Realty LLC in Tustin, according to property records.
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Young Lewin Advisors said students who live in the home pay $9,600 monthly.
Multifamily deals in Garden Grove land $3.3 million
Pivoting west to Garden Grove, two small rental properties recently sold for a combined $3.3 million, according to CBRE.
The properties sold to separate unidentified buyers.
The first building at 10772 Palma Vista Ave. sold for $1.87 million or $233,125 per unit. The buyer of the 62-year-old building was identified as an investor from Los Angeles County; the seller was based in San Diego County.
The two-story, 4,864-square-foot building completed in 1961 has eight one-bedroom units.
CBRE said it generated multiple offers and went “non-contingent on day one.”
The investor who bought 10772 Palma Vista Avenue “was a repeat client with a track record of purchasing several assets within Orange County and Southern California,” according to Dan Blackwell at CBRE.
In the second transaction, a six-unit property — across the street from the first property — at 10761 Palma Vista Ave. sold for $1.44 million. That’s $240,000 per unit.
The two-story, 5,320-square-foot building also was completed in 1961 and has all one-bedroom units.
The seller was based in Orange County, and the buyer was a repeat client of CBRE’s from Newport Beach.
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Tracking…
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