Three, four-unit apartment properties in Orange County sold for a combined $5.48 million to three separate buyers in just 10 days.
Their eye-popping prices, brokered by CBRE in Newport Beach, were yet another signal of the housing market’s heated interest from buyers.
“The fourplex multifamily market is extremely active and competitive right now and, due to a low inventory of quality assets, buyers are competing to get their hands on good opportunities,” said Amanda Fielder at CBRE.
During the pandemic, the commercial buying frenzy focused on large apartment complexes bought by real estate trusts and investment firms. This year, it’s all about smaller units as family trusts swap properties in 1031 exchanges. Just a week ago, we reported that three small apartment buildings sold for a combined $18 million. In early June, two north Orange County apartment buildings sold for a combined $15 million.
Here’s a look at the trio of property sales handled by CBRE:
Orange: A 57-year-old, four-unit property at 609 S. Cypress St. sold for $1.78 million. CBRE noted the price was $75,000 over the asking and amounted to $443,750 per unit. The property is not far from Holy Family Catholic Church and an easy bike ride to Old Towne and nearby Chapman University.
“We generated six competitive offers at or above list price and procured an all-cash, 1031 exchange buyer who went under contract non-contingent within one week of our team marketing the property for sale,” said Dan Blackwell, executive price president at CBRE. The sale closed in 17 days, he said.
Santa Ana: The second four-unit property sold for the asking price of $1.7 million. The 54-year-old property at 405 Nobel Ave. snared $425,000 per unit. It was the first time the property had been listed for sale in 20 years, according to CBRE’s Amanda Fielder.
San Clemente: The four-unit property at 143 W. Canada sold for $2 million, or $500,000 per unit. The property was built in 1972 and is a few…
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