Newport Beach, Calif. – CBRE announced the sale of a seven-unit multifamily property in Seal Beach, Calif. to a private buyer for $3.45 million.
CBRE’s Dan Blackwell and Mike O’Neill represented the seller, a partnership comprised of three separate trusts.
Located at 1615 Electric Avenue in the prime “Old Town” area of Seal Beach, the 8,108-square-foot property was originally built in 1970 with all seven units being two-bedroom, townhome floorplans. The three-story, residential complex features 11 covered parking spaces.
The Orange County property sits on 6,467 square-feet of land, one block from the Pacific Ocean and two blocks from Pacific Coast Highway. The site is also one half-mile from Main Street, which features many of Seal Beach’s most popular dining, retail and entertainment options.
“This is an extremely valuable asset located just steps away from the beach, and it has not been on the market in over 30 years,” said Blackwell. “Through our marketing efforts, we were able to generate five qualified offers, go under contract non-contingent on day one and execute the sale in a timely manner that met the needs of both the seller and buyer.”
O’Neill added, “This is the only five-plus unit property that has sold in Seal Beach in over a year, which shows just how strong the rental market is in this area.”
The CBRE team also represented the buyer in the transaction.
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.
