A spate of small apartment buildings have traded owners in recent weeks.
The most expensive transaction closed May 16 in Costa Mesa, where 13 units on nearly 1 acre fetched $661,538 per unit.
Victoria Street Apartments traded hands $8.6 million, according to Pacific Sotheby’s International Realty.
Michael Thornton from the brokerage’s Huntington Beach office represented the family trust who bought the property at 553 Victoria St. as part of a 1031 exchange. The seller also was a family trust.
The complex features eight two-bedroom cottages and five three-bedroom townhomes built in 1991, according to Thornton.
51 units for $15M in Santa Ana
Imperial Apartments, a 51-unit apartment complex in Santa Ana, sold June 4 for $15 million ($294,118 per unit) in a 1031 exchange.
Marcus & Millichap represented the seller and the buyer, Apartment Ventures.
“Our team executed a targeted marketing campaign, focused on connecting with active multifamily investors and owners of similar assets throughout Southern California, which helped us to quickly source a repeat client with a strong track record who was searching for an upleg property for their own 1031 exchange,” said Tyler Leeson, a managing director at the brokerage.
The complex at 1722 North Bush St. is north of the city’s popular downtown area and includes a mix of studios, one-bedroom and two-bedroom floor plans.
Imperial Apartments got a recent upgrade with new paint, vinyl and tile flooring, granite countertops, custom cabinetry and appliances and skylights in all fourth-floor units.
The property has on-site laundry facilities, outdoor patios and a multi-story parking garage.
9 units for $4.1M in Fullerton
A nine-unit apartment property in Fullerton sold June 13 for $4.1 million or $455,555 per unit
Greg Bassirpou, senior managing director of Investments at Marcus & Millichap, said the sale price made it the highest price-per-unit sale this year in Fullerton.
“Apart from the excellent location, being minutes from Cal State Fullerton, and major retail centers, the sellers were able to maximize value by making extensive interior and exterior renovations to the property,” Bassirpou said.
The complex at 3169-3175 Quartz Lane includes one two-bedroom/two-bathroom townhouse and eight two-bedroom/one-bathroom units in 9,831 square feet.
Amenities include a courtyard, patios, enclosed garages, on-site laundry rooms and secure Amazon lockers.
Balboa Island canoe shop sells for $2.2 million
A freestanding, 1,300-square-foot retail property at Balboa Island’s shopping district in Newport Beach sold for $2.2 million.
The property last sold in 2018 for $2.24 million, according to records seen at PropertyShark.com.
Cushman & Wakefield, which represented the unidentified seller, said the property at 323 Marine Ave. is leased to Blue Canoe.
The $1,692 price per square foot was a record for the island peninsula, the brokerage said.
The family that sold the property had owned it for 30 years.
“This is a special property in the heart of Balboa Island, a true one-of-a-kind experience and one of Southern California’s most coveted coastal destinations,” said Joseph Lising, a managing director at C&W. “This highly visible location offers an exceptional storefront presence in a high-foot-traffic location, surrounded by boutique shops, upscale dining, and a steady flow of residents and year-round visitors.”
The building at 323 Marine was built in 1930 and first served as a fire and police station for Newport Beach. It currently sits across from Dad’s Donut & Bakery Shop and Sugar ‘n Spice.
$54M innovation hub underway at CSUF
C.W. Driver Cos. in early June broke ground on a $54 million Engineering & Computer Science innovation hub at Cal State Fullerton.
The facility at 800 N. State College Blvd. will host engineers, computer scientists and technology students and faculty, featuring dry labs, and classrooms for computing, robotics, materials testing and cybersecurity.
The 45,000-square-foot innovation hub will include student lounges, study rooms, wellness and meeting areas, makerspaces and equipment rooms.
The groundbreaking ceremony was held June 4. Construction should be complete by spring 2027, according to C.W. Driver Cos.
Project partners include Gensler, Saiful Bouquet, P2S, LandLab & KPFF.
Design team switches firms
Irvine-based Ware Malcomb is growing its design team with the addition of CBRE’s U.S. Design Collective team, which joins the firm July 2.
The team — a host of 75 professionals who specialize in interior design, architecture, structural engineering and experiential design — work across the U.S. in Atlanta, Chicago, Denver, Los Angeles, San Francisco, New York, Miami, Dallas, Nashville and Seattle.
Ken Wink, CEO at Ware Malcomb, said the expansion would meld two teams with a common mission in design.
“We are united in our commitment to providing high-quality design services to our clients, with client relationships being our utmost priority. Our collaborative, people-focused cultures foster a team-oriented, positive environment.”
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.