A 47-year-old, five-unit rental property in Costa Mesa set a new high-water mark for multifamily transactions in the city, selling for more than $1 million per unit.
The two-building complex at 207 Knox St. sold Sept. 5 for $5.5 million, or $1.1 million per unit.
Crexi.com shows the property, listed at $5,985,000, spent 164 days on the market before the September sale. The annual net operating income was $202,793.
The Leeson Group at Marcus & Millichap represented both the seller and the buyer, who were not identified.
“This transaction set a new benchmark, achieving the highest price per unit ever recorded for a 5-plus unit property in the city of Costa Mesa,” said Christian Tait at Marcus & Millichap.
The townhome-style property built in 1978 was remodeled in 2022. The combined 8,169 square foot of rentable space sits on nearly a third of an acre, just a block from the bustling Newport Avenue as it winds downhill toward Newport Beach.
Apartment D, a three-bedroom, two-bathroom unit in the complex, was available for $5,250 monthly, according to a Zillow listing.
Unit D, the listing reads, features a large living room with fireplace downstairs, a half-bath and a separate dining area. It also has in-unit laundry and an attached garage.
The upgrades three years ago added wood-style plank flooring, quartz countertops, in-unit washers and dryers and stainless steel appliances and skylights.
“Featuring spacious, uniquely designed townhome-style units, it provides residents with a condo-like living experience while offering ownership the potential for significant rental growth in the years ahead,” said Tait. “The property is just 1 mile from the shoreline of Newport Beach, and is within half a mile of Hoag Hospital…”
Garden Grove complex trades hands for $12.8M
A 36-unit apartment property in Garden Grove sold Sept. 3 for $12,774,650 or $354,851 per unit.
“This transaction marks the first time Garden Walk Apartments has traded hands in over 30 years,” said Tyler Leeson, also with Marcus & Millchap’s Leeson Group. “The seller elected to cash out of their long-held investment, while the buyer intends to renovate the units and reposition the property to achieve stronger rents.”
The brokerage represented the seller and the buyer.
The Garden Walk complex, which sits just west of the Outlets at Orange shopping mall, includes one and two-bedroom units, of which 28 are single-story and eight are two-story townhomes.
Built in 1963 on 2.4 acres, the property has enough space to build accessory dwelling units.
The community includes gated access, a swimming pool and pavilion, two on-site laundry facilities, and carport and surface parking spaces.
Local projects honored by AIAOC
The architecture firm MVE + Partners received two awards from the American Institute of Architects OC for Orange County projects:
—The Commendation Award in the Multifamily/Mixed-use Development (Unbuilt category) for its design of OCVibe’s multifamily component. The 2,250 residential units will be built next to the Honda Center, part of OCVibe’s $4 billion development that is under construction in Anaheim.
—The award of merit in the Multifamily/Mixed-use Development (Built category) for its work on Rafferty – Santa Ana. The apartment complex at the corner of 4th and Main Streets in downtown Santa Ana includes two adjacent mid-rise apartment buildings with 218 units, plus retail space. Rafferty’s design by MVE incorporated the historic American Tile Co. building in the modern construction.
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.