A 17-unit apartment complex at 13931-13951 Illinois St. in Westminster sold for $6 million or $352,941 per unit, according to CBRE.
CBRE represented the seller, which it identified only as an out-of-state private real estate investor. The team also represented unnamed Orange County-based buyers in the deal.
“The property offered investors the opportunity to increase the return by improving the rent roll as well as add two detached accessory dwelling units to the property,” said Dan Blackwell, an executive vice president at CBRE.
The property at 13931-13951 Illinois Street, built in 1963, includes 14 single-story buildings on roughly 1 acre. All of the units are two-bedroom apartments.
The property owner, CBRE said, renovated at least 80% of the units recently. Updates included new windows and sliding doors, laundry hookups in some units, fresh interior paint, ceramic tile flooring and refinished cabinets.
Two small apartments traded in 1031 exchange
Two small apartment communities with a combined 38 units sold for $12.12 million in a 1031 exchange, CBRE said.
CBRE said it represented the buyer and seller in the sale of 18 units at 1800 W. Glencrest Ave. in Anaheim for $4.8 million. The seller of 20 units at 1887 Monrovia Ave. in Costa Mesa got $7.32 million.
The 20-unit Monrovia Arms Apartments at 1887 Monrovia Ave. in Costa Mesa was built in 1959 and features a single two-story building,
“I knew the owner of the 20-unit multifamily property in Costa Mesa was interested in selling after more than 20 years of ownership,” said Blackwell at CBRE.
CBRE colleague Andrew Boukather knew the owner of the Anaheim property who was “interested in exchanging his 18 units for more units in Costa Mesa.”
Neither party was identified but are based in Southern California, the brokerage said in a statement.
An unidentified Los Angeles-based investor bought the 18-unit property in Anaheim, CBRE said. The property at 1800 W. Glencrest Avenue was completed in 1962 and includes two, two-story buildings.
Newport Beach-based CapRock Partners and venture partner Ares Management have sold Tropical Logistics Phase II in North Las Vegas to Stockbridge Capital Group for $87 million. (Courtesy of CapRock Partners)
CapRock, partner sell Vegas center for $87 million
Newport Beach-based CapRock Partners and venture partner Ares Management have sold Tropical Logistics Phase II in North Las Vegas to Stockbridge Capital Group.
Terms of the sale were not disclosed by either firm, but the website CommercialSearch reported the sale price was $87 million.
The 21.9-acre Class A complex at 6325-6185 N. Beesley Drive was fully leased at the time of sale, CapRock said. The firm did not identify the tenants. Neighbors along Interstate 15 include Sysco, WestRock and TemperPack.
The property marked the third development completed in the Ares and CapRock joint venture.
“The sale of Tropical Logistics Phase II marks another successful milestone for our joint venture in Las Vegas,” said Jon Pharris, Co-Founder and President of CapRock.
The Orange County chapter of the United Nations Association appointed Julie Laughton as its ambassador of affordable housing. She is chief executive officer and owner of Julie Laughton Design Build in Laguna Beach. (Courtesy of Julie Laughton Design Build)
Industry people
The Orange County chapter of the United Nations Association appointed Julie Laughton as its ambassador of affordable housing. She is chief executive officer and owner of Julie Laughton Design Build in Laguna Beach. Laughton will work with local leaders in government, business, academia and nonprofits to address Orange County’s affordable housing crisis.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at [email protected]. Please allow at least a week for publication. All items are subject to editing for clarity and length.