Southern California investors are moving their money around again in the multifamily sector, with several properties transacting via 1031 exchanges in recent weeks.
Here’s a look at a few from local brokerages.
Laguna Beach
An array of cottages with seven apartments just two blocks from the beach in downtown Laguna Beach sold in late April for $841,429 per unit or $5.89 million.
The deal was repped by CBRE.
“The Laguna Beach rental market is one of the most coveted rental markets in California due to its strong rental demand, limited inventory and proximity to the beach, restaurants, art galleries, retail shops, cultural activities and entertainment,” said Dan Blackwell, an executive vice president at CBRE.
An array of cottages (see outline) with seven apartments just blocks from the beach in Laguna Beach recently sold for $841,429 per unit or $5.89 million. (Photo courtesy of CBRE)
The property at 363-397 Park Ave. and 502 and 504 Goff St. includes five cottage-style homes divided into apartments.
The buildings along Park Avenue include five one- and two-bedroom detached cottages. Each have a fireplace and laundry hookups.
The cottages on Goff Street include a duplex with a three-bedroom unit with ocean views, and a studio unit. The duplex also includes a non-conforming studio, CBRE said. The property also includes two garage spaces.
CBRE said the seller was from northern San Diego County. The buyer lives in Laguna Beach. Both were in a 1031 exchange, the brokerage said.
This 73-year-old six-unit, 3,535-square-foot property at 306 Cazador Lane in San Clemente sold for $2.8 million. The property, completed in 1951, sits on a 14,500-square-foot lot, about a half-mile from the beach. (Photo courtesy of CBRE)
San Clemente
To the south in San Clemente, CBRE also transacted two, six-unit apartment properties for a combined $5,545,000.
A 73-year-old six-unit, 3,535-square-foot property at 306 Cazador Lane sold April 23 for $2.8 million. The property, completed in 1951, sits on a 14,500-square-foot lot, about a half-mile from the beach. The sales price amounts to $470,000 per unit.
The building on Cazador includes one-bedroom, single-story units, and one with ocean views.
CBRE represented the buyer from San Clemente and the San Diego County-based seller.
The brokerage said four of the six units were extensively remodeled with new kitchens, bathrooms, flooring and paint.
A six-unit, two-story property at 239 Avenida Pelayo in San Clemente recently sold for $2.7 million or $454,167 per unit. (Photo courtesy of CBRE)
The second property, a six-unit, two-story property at 239 Avenida Pelayo, sold April 29 for $2.7 million or $454,167 per unit.
CBRE said the buyer and seller both were transacting a 1031 exchange.
Built in 1965, the 6,211-square-foot building includes six two-bedroom units.
Built in 1962, this 16-unit apartment property at 311 East Clifton Ave. sold for $5,695,000 in an off-market 1031-exchange. (Photo courtesy of Marcus & Millichap)
Anaheim
The multifamily fervor continues, this time in Anaheim, where a 16-unit apartment property sold May 20 for $5,695,000.
Marcus & Millichap said the seller was “looking to move capital out of the Orange County market and is trading out of state.”
The 1031-exchange was sold in an off-market transaction, the brokerage said.
Built in 1962, the property at 311 East Clifton Ave. was fully occupied at the time of the sale.
The unit mix includes two one-bedroom/one-bath units, 10 two-bedroom/one-bath units, three two-bedroom/two-bath units and one three-bedroom/two-bath unit.
This six-unit apartment property (see outline) at 554-558 Joann St. in Costa Mesa sold for $3,100,000. (Photo courtesy of Marcus & Millichap)
Costa Mesa
A six-unit apartment property in Costa Mesa sold for $3,100,000, in a deal represented by Marcus & Millichap.
The brokerage said the property at 554-558 Joann St. was extensively renovated and includes a mix of one, two, and three-bedroom unitsin 5,962 square feet.
Amenities included large front yards, views of the golf course and covered parking with storage space.
Greg Bassirpou at Marcus & Millichap said the seller maximized the property value by renovating the interior and exterior spaces. He said the new owner also can add accessory dwelling units to the property to bring in more cash.
The former PacLife office tower in Aliso Viejo recently sold for $42.25 million, nearly half its listing price of 2023. (Photo courtesy of CBRE)
Former PacLife tower sells to medtech firm for $42 million
The former Pacific Life office tower at 45 Enterprise in Aliso Viejo recently sold for $44.2 million, nearly half its listing price of 2023.
Not long after it laid off 300 workers, many of them in Orange County, the insurance giant vacated the building, consolidating to its cantilevered, 1970s-era Newport Beach headquarters in the Fashion Island loop.
The company listed the Aliso Viejo property in mid-2023 for $80 million, the Orange County Business Journal reported at the time.
The neuroendovascular medical device company MicroVention bought the nine-story office building, according to CBRE.
“MicroVention secured the asset well below replacement cost, which will ensure the potential for their long-term growth while locking in a low occupancy cost for the long term,” said Carol Trapani, a senior vice president at CBRE.
Newport Beach-based CapRock Partners recently acquired Longbow Industrial Park, an industrial complex in Mesa, a submarket of Phoenix. (Photo courtesy of CapRock Partners)
CapRock buys industrial campus in Phoenix area
Newport Beach-based CapRock Partners recently acquired Longbow Industrial Park, an industrial complex in Mesa, a submarket of Phoenix.
Terms were not provided by the firm.
The 14.5-acre property includes two, new Class A buildings totaling 244,286 square feet.
Building 1 includes 129,165 square feet while Building 2 has 115,121 square feet. The property also includes a parking lot with 320 auto stalls.
“Phoenix continues to experience economic and population growth, attracting leading corporations in the technology sector,” said Bob O’Neill, senior vice president, acquisitions at CapRock Partners. “As the region welcomes these businesses, CapRock is strategically investing, securing opportunities that enhance its position and provide returns for our institutional investors.”
$1 million grant for affordable housing nonprofit
Orange County Community Housing Corp. is the recipient of a $1 million grant from Citi Foundation, part of the Community Progress Makers initiative.
The nonprofit said the money will go toward expanding its mission to connect more low-income residents to affordable housing and financial stability.
“We would like to express our deepest gratitude to Citi Foundation for its incredible generosity and financial support,” said Nora Mendez, executive director of OCCHC/Stepping UP.
Since its founding, OCCHC/SteppingUP has developed more than 300 affordable housing units with assets exceeding $29 million, to date.
Daniel Mallet recently joined the law firm Haynes Boones’ real estate finance team in Costa Mesa. (Photo courtesy of Haynes Boones)
On the move
Daniel Mallet recently joined Haynes Boones’ real estate finance team in Costa Mesa. He previously spent five years at Shepherd Mullin. Mallet’s practice focuses on secured and unsecured real estate finance transactions on behalf of the law firm’s clients.
The design firm Ware Malcomb has made a number of hires and promotions at its Irvine office.
Sergio Valentini was promoted to Southern California Regional Principal overseeing the Irvine, Los Angeles and Inland Empire offices.
Luke Corsbie was promoted to principal in the office’s Civil Engineering team.
Analisa Olson switched from director of Strategic Accounts to a new role as director of the Irvine Interior Architecture & Design Studio.
Eric Namisniak was promoted to studio manager in Architecture.
Andrew Capeluto recently was hired as studio manager of Branding.
The real estate roundup is compiled from news releases and written by Business Editor Samantha Gowen. Submit items and high-resolution photos via email to sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.
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