CBRE recently completed the sale of four multifamily properties in Huntington Beach, with a total of 34 units sold in separate transactions. The combined sales price for these properties was $17,925,000, averaging out to $527,206 per unit and representing 97% of the original asking price.
Leading the transactions were EVP Dan Blackwell and first VP Mike O’Neill who represented the seller – a local family trust – in all four deals. This is also notable as it marks the first time these particular properties have been available for purchase since their construction back in the early 1970s. Thanks to Blackwell and O’Neill’s efforts, each property received between five to eight offers from interested buyers.
The individual properties include: 212 15th St., which was purchased by an Orange County-based buyer through a tax-deferred exchange; Fountain Valley-based repeat client bought up another property at12516th St.; while two neighboring fourplexes at317 &32122ndSt.were acquired by another investor.
According to Blackwell: “The demand for well-located multifamily assets remains strong within coastal Huntington Beach market.” He adds that this recent series of sales proves just how much investors are willing to pay top dollar for quality real estate located within prime coastal areas like Huntington Beach.
