CBRE successfully facilitated the sale of Crestview Apartments, a 19-unit multifamily property in Costa Mesa. The property was sold to a local private investor for $5.025 million, with a selling price of $563 per square foot and $264,474 per unit. This marks the first sale of the circa-1957 property in over four decades.
EVP Dan Blackwell and first VP Mike O’Neill represented the seller – an Orange County-based private investor – while CBRE associate Jack O’Connor also assisted in representing the buyer, who is also based in Orange County.
The competitive marketing process generated multiple offers through our extensive network of investors,” stated Blackwell confidently. He added that this was an excellent value-add opportunity as current rents were significantly below market rates and that there was an attractive assumable loan with a low interest rate which their team helped facilitate for the buyer.
This recent transaction highlights CBRE’s expertise and success within Costa Mesa’s real estate market.
