CBRE announced the sale of a coastal apartment building for $6.025 million in Seal Beach, CA.
Dan Blackwell and Priscilla Nee of CBRE represented the seller, a 1031-exchange investor. The buyer, a local investor, was represented by Colliers International.
Located at 134 1st Street, the 13-unit apartment property is directly across from Alamitos Bay, adjacent to an open field for unobstructed ocean views, and just steps from the beach. Tenants are also in proximity to Alamitos Bay Landing, Marine Stadium Park, Seal Beach Pier, Main Street and the new 2nd & PCH development, a shopping and dining complex set to open in 2019.
The apartment building is located on a corner lot and features a secured gated entry, balconies and patios, vaulted ceilings in some units and spacious floorplans including two townhome layouts.
First time on the market, this investment offers upside in potential rents and an opportunity to own a trophy asset in a prime Southern California location, according to Blackwell.
“This was the first 10+ unit multifamily property to sell in Seal Beach in over nine years, and evidence that coastal properties rarely trade in the Orange County market,” said Blackwell. “The asset received great investor interest and through nine offers, we were able to drive value to reach a price above the seller’s expectation.”
Additionally, the CBRE team was able to negotiate a flexible closing date to accommodate time for the seller to identify and remove contingencies on their upleg property in their 1031 exchange, Blackwell added.
Multifamily development and rent growth across Orange County is projected to continue due to the shortage of available inventory, high home prices and the influx of Millennials into the renter pool, according to CBRE research. Orange County’s population is set to grow from 3.2 million today to 3.5 million by 2040, which is likely to continue to drive demand for apartments.retained interested in low prices and values, according to CBRE’s latest holiday retail report.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
