News Summary
The Bascom Group has sold the Huntington Breeze, a multifamily property for seniors 55 and over, for $35 million in Huntington Beach, signaling a strong demand for senior housing. The property features 114 units tailored for active seniors and was sold to WSW Property Ventures, reflecting a growing interest in senior living environments. Recent market activity indicates a trend towards private investors in multifamily properties, reinforcing a robust market outlook for long-term growth in Southern California.
Huntington Beach
The Bascom Group has successfully sold the Huntington Breeze, a multifamily property specifically designed for active seniors aged 55 and over, for $35 million. This transaction underscores the growing demand for senior housing in the Huntington Beach area, reflecting a strong market for renovated multifamily assets.
Huntington Breeze features a total of 114 units, offering a mix of studio, one-bedroom, and two-bedroom apartments. It caters to the needs of active seniors, providing a supportive environment that fosters a vibrant lifestyle. Vice Chairman Dean Zander of Newmark represented Bascom Group in the transaction and worked closely with his colleagues Joe Leon and Nick Ingle at Voit to finalize the deal. The acquisition financing for the buyer was facilitated by Newmark team members Vincent Punzi and Lowell Takahashi.
The buyer of Huntington Breeze is WSW Property Ventures, which is led by prominent figures Steve Wasserman, Pamela Scott, and George Wu. The acquisition of the property reflects a growing interest among investors in senior living environments, as the demand for such facilities continues to increase.
Recent market activity in the Huntington Beach area highlights a trend toward private investors in the multifamily property sector. This shift suggests signs of stabilization and a strong foundation for long-term demand in Southern California. In addition to the sale of Huntington Breeze, the region saw four other transactions involving 34 units that sold for $17.9 million. The properties acquired in these transactions typically feature appealing amenities, such as private patios or balconies and proximity to beach access.
In related news, Concord Capital Partners has acquired a 537-unit, five-property multifamily portfolio in Los Angeles for $79 million from two separate sellers. This portfolio includes properties in Koreatown, Westlake, and Hollywood, many of which were built in the 1920s. Similarly, Lowe has purchased Tenth & G, a 207-unit mixed-use apartment complex in San Diego, for $71 million.
ParkTerra and JEN Partners have also made strides in the commercial real estate sector by acquiring the Axis, a 307,000 square foot office portfolio in Anaheim for $62.5 million. Additionally, Elysian Housing and Capstone Equities managed to secure a 75,000 square foot office building in Encino at a price of $20.6 million.
In the logistics segment, Avison Young successfully negotiated a full-building lease renewal for a Class-A, 206,000 square foot industrial facility in Perris on behalf of GPA Logistics. Furthermore, Parkview Financial recently closed a $64 million construction loan aimed at a mixed-use development project in Rancho Cucamonga, which will feature garden-style apartments and retail space.
In financing news, the owner of Civic Center Plaza in Simi Valley secured a $26 million bridge loan for refinancing purposes. Meanwhile, CBRE completed the sale of a 14-unit multifamily property in Huntington Beach for $8.75 million, achieving an impressive $625,000 per-unit price.
This surge in activity concerning multifamily and commercial properties in Huntington Beach and nearby regions signifies a booming interest among private investors, evident in the recent successful transactions. The upward trend suggests a robust market poised for continued growth, particularly in senior housing, as more individuals seek comfortable and amenity-rich living environments tailored for an active lifestyle.
Deeper Dive: News & Info About This Topic
HERE Resources
Orange County Real Estate Market Sees Price Fluctuations
Bascom Group Sells Huntington Breeze for $35 Million
Additional Resources
- FM Industry: Sale of Multifamily Properties in Huntington Beach
- Wikipedia: Huntington Beach
- NorthMarq: Rents Inch Higher Despite Multifamily Vacancy Uptick in Orange County
- Google Search: Huntington Beach multifamily real estate
- Yield PRO: Yorktown Apartments
- Encyclopedia Britannica: Huntington Beach
- ReBusiness Online: CBRE Negotiates $8.6M Sale of Beachwood Apartments in Huntington Beach, California
- Google News: Huntington Beach real estate
- Connect CRE: Advanced Real Estate Adds Another Huntington Beach Multifamily Asset
- Multi-Housing News: Equity Residential Sells Orange County Community
Author: STAFF HERE COSTA MESA WRITER
COSTA MESA STAFF WRITER The COSTA MESA STAFF WRITER represents the experienced team at HERECostaMesa.com, your go-to source for actionable local news and information in Costa Mesa, Orange County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the OC Fair, Concerts in the Park, and Fish Fry. Our coverage extends to key organizations like the Costa Mesa Chamber of Commerce and Boys & Girls Clubs of Central Orange Coast, plus leading businesses in retail, fashion, and technology that power the local economy such as Vans, Experian, and South Coast Plaza. As part of the broader HERE network, including HEREAnaheim.com, HEREBeverlyHills.com, HERECoronado.com, HEREHollywood.com, HEREHuntingtonBeach.com, HERELongBeach.com, HERELosAngeles.com, HEREMissionViejo.com, HERESanDiego.com, and HERESantaAna.com, we provide comprehensive, credible insights into California's dynamic landscape.
