IRVINE, Calif. –– Cushman & Wakefield announced the firm has brokered the sale of a newly renovated 20-unit garden-style multifamily community in Westminster, California. Recently improved with an exterior renovation completed in 2022, the northern Orange County property sold for $5.96 million, equating to a price of $298,000 per unit.
The buyer and seller were private individual investors. The buyer, a local resident/investor in Orange County, was in a 1031 Exchange. Mark Bridge, managing director with Cushman & Wakefield’s Multifamily Advisory Group in Orange County represented both sides in the transaction.
“This asset provided an investor a great opportunity to acquire a quality apartment asset with strong occupancy and in a great, convenient rental location,” said Mark Bridge. “The property boasts an impressive walk score of 84.”
Located at 8361 15th St, the 20-unit property consists of eight (8) one-bedroom / one-bathroom units and 12 two-bedroom / one-bathroom units. Originally built in 1963, the garden-style property offers amenities including a common area, on-site laundry room, updated courtyard, and 30 assigned parking spaces. The property’s recently completed improvements include a new roof, new asphalt, and new landscaping.