CBRE has brokered the sale of Tropicana Apartments, a 21-unit multifamily community in Huntington Beach, California to a private all-cash buyer.
The sale price of US $7.05 million represents US $698 per square foot and US $337,714 per unit, and is the largest apartment transaction in downtown Huntington Beach in the past 10 years.
CBRE Executive Vice President Dan Blackwell and First Vice President Mike O'Neill represented the seller, a private investor based in Huntington Beach, exchanging into a Delaware Statutory Trust (DST).
The buyer was also based in Huntington Beach.
Blackwell comments: “This is the first time the property has been available for sale in over four decades.”
O'Neill adds: “Our team generated multiple competitive offers for this prime value-add asset.
“To maximize value, the new owner could increase rents by 25% or redevelop the property with for-sale product.”
“Tropicana Apartments offers the buyer a prime coastal location (Walk Score of 82 as “Very Walkable” and a Bike Score of 90, a “Biker’s Paradise”) situated one block from the beach and a nine-minute walk to shops and restaurants in Downtown Huntington Beach (0.4 miles).”
The transaction is the eighteenth Huntington Beach property sale by CBRE's Multifamily SoCal Team in the last months.
The team currently has over US $187 million of multifamily properties in escrow and on the market.
