Two, four-unit apartment properties in Huntington Beach are the latest small multifamily properties to trade hands, selling April 30 for a combined $5.4 million or $678,125 per unit.CBRE represented both the unidentified buyer and the seller in two deals, which include a fourplex at 321 22nd St. and the neighboring fourplex at 317 22nd St.Brokers said the seller was based Huntington Beach and the buyer Westminster. Neither was in a 1031 exchange, a popular investment strategy we’ve written about of late.Also see: 7 cottage apartments fetch $5.9 million or $841,429 each in Laguna BeachNeighboring four-unit apartment properties at 321 and 317 22nd St. in Huntington Beach sold April 30 for a combined $5.4 million or $678,125 per unit. (Photo courtesy of CBRE)
Two, four-unit apartment properties at 321 and 317 22nd St. in Huntington Beach sold April 30 for a combined $5.4 million or $678,125 per unit. (Photo courtesy of CBRE)
Two, four-unit apartment properties in Huntington Beach (see outlined buildings) sold April 30 for a combined $5.4 million or $678,125 per unit. (Photo courtesy of CBRE)
This was the first time that either property had been listed for sale, CBRE said.“We … generated eight competitive offers, selecting an all-cash buyer who wanted to purchase both assets,” said Dan Blackwell at CBRE. “The two neighboring multifamily assets are identical properties, each sitting on a double lot. As a result, the investor acquired a total of four contiguous lots, offering potential alternative asset plans.”Each of the two-story buildings, completed in 1972, span 4,101 square feet on 5,750-square-foot lots. Both include a mix of one-, two-, and three-bedroom floor plans.Last week, we reported on a slew of small apartment building sales, several of which were 1031 exchange transactions. Three deals included buildings very close to the coastline.Several bungalows in downtown Laguna Beach snared $841,429 per unit, or $5.89 million. Two more beach-adjacent deals took place in San Clemente where 12 units in two separate buildings sold for a combined $5.5 million.Another six-unit apartment property in Costa Mesa sold for $3,100,000, in a deal represented by Marcus & Millichap. And to the north in Anaheim, a 16-unit building sold for $5.7 million.Irvine-based Bendetti recently acquired the 257,192-square-foot Proto Park industrial complex in Dallas. Terms were not disclosed. (Photo courtesy of Bendetti)Irvine’s Bendetti buys industrial complex in TexasIrvine-based Bendetti recently bought a 257,192-square-foot industrial complex in Dallas.Terms were not disclosed.The firm, which bought Proto Park in a joint venture with ReCap Real Estate Investments, said the property was fully leased at the time of the purchase. Tenants include Morrison Supply, Taxila Stone, Preziosa Stone, Dynasty Distilling and an unnamed aviation group.“This is an irreplaceable property in an extremely infill Dallas location and reflects the market fundamentals that we seek when considering an investment property. Looking ahead, Bendetti will continue its pursuit of light industrial opportunities in target markets that include Texas, Arizona, Nevada, Colorado, Utah, California, among others,” said Jon Moyer, Bendetti’s director of acquisitions, in a statement.Chuck Mills, a veteran self-storage finance, is the new vice president of national sales at Chicago Title National Self-Storage Group, a new initiative launched by Newport Beach-based Chicago Title National Commercial Services California. (Photo courtesy of Chicago Title National Self-Storage Group)New venturesNewport Beach-based Chicago Title National Commercial Services California recently launched Chicago Title National Self-Storage Group.Chuck Mills, a veteran in self-storage finance, is leading the group from the firm’s Orange County office as vice president of national sales.Chicago Title National Commercial Services California is part of the Fidelity National Financial companies, a group of title companies and title insurance underwriters.Legacy Square, a 93-unit affordable housing community developed in Santa Ana, is the recipient of the Award of Merit in the Pacific Coast Builders Conference Gold Nugget Awards competition. (Photo courtesy of National CORE)MilestonesThe 93-unit affordable housing community Legacy Squa …
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