CBRE recently facilitated the sale of a nine-unit multifamily property located at 6744 Orizaba Ave. in Long Beach. The property was sold to a private investor for $2.41 million, equating to $267,778 per unit and $310 per square foot.
The transaction was handled by EVP Dan Blackwell, senior associate Trey Mitchell and associate Jack O’Connor who represented both the buyer and seller. The seller, based in Riverside County, had plans to retire and manage their estate planning while the buyer from Los Angeles County aimed to grow their portfolio with this acquisition.
Blackwell stated that through CBRE’s exclusive marketing process they were able to attract multiple offers for this well-positioned property with an uncommon mix of units. Ultimately, they secured a buyer who closed escrow at 97% of the asking price which proved beneficial for both parties involved as it aligned with their respective goals.
Built in 1973 on a spacious corner lot spanning over 9,500 square feet at Orizaba Avenue and East 67th Way., this two-story apartment building encompasses approximately 7
