News Summary
A 13-unit multifamily property on Victoria St. in Costa Mesa has been sold for $8.6 million, setting a record price per unit in Westside Costa Mesa. This property, consisting of eight two-bedroom cottages and five three-bedroom townhomes, had been on the market for the first time in nearly 50 years, reflecting significant demand in the local real estate market. The transaction was facilitated by CBRE and featured a creative financing structure, highlighting positive market trends for multifamily housing in the area.
Costa Mesa, California
A 13-unit multifamily property located at 553 and 555 Victoria St. in Costa Mesa has been sold for $8.6 million, marking a record price per unit for multifamily properties in Westside Costa Mesa over the last 18 months. This sale represents a significant achievement in the local real estate market, as it was the first time the property had been available for purchase in approximately 47 years.
The property spans 0.8 acres and consists of a total of 10 buildings with 13,712 square feet of rentable space. The unit composition features eight two-bedroom cottages constructed in 1962, alongside five three-bedroom townhomes built in 1990. Each residential unit of this distinctive property includes its own private backyard, enhancing its appeal to potential tenants.
The transaction was facilitated by representatives from CBRE, including Dan Blackwell, Mike O’Neill, and Jack O’Connor, who represented a private seller based in Costa Mesa. The buyer is a private investor located in Huntington Beach, California. Notably, the sale was executed through a creative financing structure that involved seller financing, which significantly contributed to achieving the strong sales price, according to market analysts.
Market Demand and Implications
The successful sale of this multifamily property reflects ongoing robust demand for well-located real estate in Westside Costa Mesa, a trend that has continued to gain momentum. Recent years have shown a significant appreciation in property values in this region as investors seek high-quality multifamily assets. The competitive market and rising investor interest suggest positive implications for the area’s real estate sector moving forward.
Background of the Property
Having been on the market for the first time in nearly five decades, this property is a notable landmark in the Costa Mesa community. The 13-unit complex has been a functionally vital element of the neighborhood, providing housing options for local residents. The property’s age and composition, featuring both cottages and townhomes, highlight the diverse housing options available within Westside Costa Mesa.
Moreover, the presence of private backyards in each unit adds a unique selling point in today’s market, where outdoor space has become increasingly desirable for families and individuals working remotely. As the housing landscape continues to evolve, properties like this demonstrate the potential for growth and development in the multifamily housing sector.
Looking Ahead
The acquisition of this 13-unit multifamily property signifies a milestone in Westside Costa Mesa’s real estate narrative. Investors and developers are likely to take note of this transaction as a benchmark, possibly leading to further investments in the area. With property prices on the rise and demand remaining strong, the future of multifamily housing in Costa Mesa seems poised for further growth, attracting new residents and investment opportunities.
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Additional Resources
- Rebusiness Online: CBRE Negotiates $8.6M Sale of Multifamily Property in Costa Mesa, California
- Orange County Business Journal: Moshayedi Sells Costa Mesa’s Westport Plaza for $25.7M
- Los Angeles Times: Costa Mesa’s Retail Landmark Triangle Square to Be Featured on Travel Channel
- Connect CRE: Costa Mesa Apartments Achieve High Price Per Unit
- Shopping Center Business: CBRE Arranges $25.7 Million Sale of Shopping Center in Costa Mesa, California
- Wikipedia: Costa Mesa, California
- Google Search: Costa Mesa Real Estate
- Google Scholar: Costa Mesa Housing Market
- Encyclopedia Britannica: Costa Mesa
- Google News: Costa Mesa Real Estate
