NEWPORT BEACH, Calif. –– CBRE facilitated the sale of a five-unit multifamily community in Huntington Beach, Calif., to a private investor for $2.4 million, representing $479,000 per unit and $665 per square foot.
CBRE Executive Vice President Dan Blackwell and Associate Amanda Fielder represented the San Diego-based 1031-exchange buyer in the transaction. The seller was a private investor from Huntington Beach.
Located at 7872 Liberty Drive, the 3,604-square-foot, two-story apartment building was constructed in 1979 on 0.21 acres. Comprising one-, two- and three-bedroom units, the five-unit, two-story multifamily community offers garage parking and a laundry facility. Recent enhancements include full renovations to two units, a new central water heater, updated windows, garage doors, exterior paint and landscaping. All units feature spacious floorplans with patios or balconies, with the added bonus of a spacious enclosed backyard for the first-floor two-bedroom apartment and a three-bedroom townhome for the front unit.
“This is an attractive multifamily property situated in an ideal rental location, close to restaurants, nightlife, entertainment, shopping, renowned beaches, transportation and the 405 freeway,” said Blackwell.
Blackwell and Fielder had represented the buyer of 7872 Liberty Drive in the sale of the buyer’s downleg property, a five-unit multifamily rental community located one mile from Escondido’s historic downtown at 419 W. 4th Avenue in Escondido, Calif. Fielder emphasized CBRE Multifamily SoCal Team’s successful marketing efforts, resulted in multiple property tours and competitive offers for the desirable 1980s construction, securing a buyer who closed the deal in 35 days. The sale price was $1.41 million.
Fielder added, “The buyer sought to enhance their investment location and increase their cash flow. The CBRE Multifamily SoCal Team facilitated both sides of the exchange to achieve the investor’s goals.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.
