Four multifamily properties in Huntington Beach changed hands, in separate transactions, this month. The price tag for all four properties, which combine for 34 units, was nearly $18 million.
Dallas-based CBRE Group Inc. arranged the sale of all four properties, which sold for $527,206 per unit and 97% of the asking price.
The per-unit sale price was high for a Huntington Beach multifamily property, according to data of recent apartment development transactions posted on CoStar. Many multifamily properties in Surf City recently sold for $365,000 to $370,000 per unit, though one buyer bought an apartment development at $550,000 per unit, according to CoStar.
The four properties sold by CBRE are located at 212 15th St., 125 16th St., 317 22nd St. and 321 22nd St. All four properties were built in the early 1970s and were on the market for the first time ever. They are also located within three blocks of the beach.
CBRE Executive Vice President Dan Blackwell and first Vice President Mike O’Neill represented the seller, a local family trust, in all four transactions.
“The coastal Huntington Beach market continues to demonstrate robust demand for well-located multifamily assets,” Blackwell said in a statement. “These sales validate the strong interest from investors seeking quality properties in prime coastal locations.”
The property at 212 15th St. features eight units and sold for $3.85 million ($481,250 per unit) to an undisclosed buyer based in Orange County and as part of a 1031 exchange.
An undisclosed buyer based in Fountain Valley bought the 18-unit property at 125 16th St. for $8.65 million ($480,556 per unit). The property features a mix of one-, two-, and three-bedroom units. Some units have ocean views, and all tenants have their own balcony or patio.
The properties at 317 and 321 22nd St. are neighboring fourplexes and sold to an undisclosed buyer for $5.425 million ($678,125 per unit).
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Several multifamily properties in Huntington Beach changed hands this year, according to CoStar data.
One multifamily property at 7681 Ellis Ave. sold Sept. 9 for $2.75 million, or $550,000 per unit. Another property at 16951 Hoskins St. changed hands for $2.2 million, or $366,667 per unit, on Sept. 3.
Advanced Management Co. bought a 68-unit multifamily property at 7886 Beachpoint Circle from Trident Property Management LP on May 31 for $25.6 million, or $361,029 per unit.
