A 30-unit apartment complex in Westminster recently sold for $10,025,000.
CBRE represented both sides of the deal but did not identify the buyer or seller.
La Pat Courtyard Apartments at 13812 La Pat Place includes a 21,416-square-foot, two-story, two-building complex built in 1961.
CBRE notes the property underwent $1.4 million in improvements, both inside and out. The buildings include one studio, 17 one-bedroom units and 12 two-bedroom units. The remodeled units include washers and dryers, stainless-steel appliances, a wall air conditioner and plank vinyl flooring throughout the apartments.
CBRE noted that it sold a similar property at 13872 La Pat Place last year for $10 million or $333,333 per unit.
This 12-unit apartment property in Costa Mesa, recently sold for $5.75 million, or $479,000 per unit. CBRE represented both sides of the deal, noting that the buyer hails from Newport Beach while the seller lives in Nashville, Tenn. (Photo courtesy of CBRE)
Costa Mesa apartments fetch $5.75 million
CBRE also represented the buyer and seller of Ebtide, a 12-unit apartment property in Costa Mesa, which traded hands for $5.75 million, or $479,000 per unit.
The brokerage noted the buyer hails from Newport Beach, while the seller lives in Nashville, Tenn.
The 64-year-old, two-story, two-building property at 1993 Church St. was renovated in 2022
“Ebtide was truly a turnkey property having undergone a full interior and exterior renovation, including a full renovation of all 12 units,” CBRE’s Mike O’Neill said. “Additionally, Ebtide has city approval to build two accessory dwelling units through garage conversions. With garage conversions, an investor could add two approximately 497-square-foot one-bedroom units to the property.”
The 7,632-square-foot complex includes 12 one-bedroom, one-bath units with an in-unit washer and dryer, new appliances, mini-split air conditioners and real oak wood flooring in each unit.
Balt USA, a medical equipment maker, leased 59,000 square feet at Parker Technology Center in Irvine. (Photo courtesy of Google street view)
Office market sees slight improvement in 1st quarter
Demand for Orange County’s office market saw a small improvement in the first quarter, rising three-tenths of a percent from early 2023, according to a report from NAI Capital.
The boost, though small, held the vacancy rate steady at 13.1% year over year, NAI reported, with 20.6 million vacant square feet of office space in the county.
“Although encouraging workers to return to the office has been a challenge since the pandemic, occupancy is slowly but steadily increasing,” NAI report author J.C. Casillas wrote.
One notable area of demand is sublease space. NAI said tenants in the first quarter of 2024 continued to seek buildings with vacant sublease space.
“Tenants subleased 242,092 square feet in Orange County, reflecting a 9.9% increase from the end of last year. This rise marked a 59.1% improvement in subleasing activity year over year,” Casillas wrote.
If you’ve noticed a lack of office sales here in the Real Estate roundup, the numbers show us why: Sales volume decreased 45% to $146.8 million from last year, NAI reported. That sent the price point tumbling, too.
“The average price per building square foot sold at $158 (per square foot), experiencing a notable decline of 36.4%,” the report states.
One landlord seeing an uptick in office leases is Irvine Co. The company reported a robust March for new leases signed.
Irvine Co. said it leased 1.4 million square feet of combined office space in March in Orange County, Los Angeles, San Diego, Silicon Valley, Chicago and New York. Irvine Co. said it was the most office space it has leased in a one-month period since 2019.
New tenants in Orange County include:
Balt USA, a medical equipment maker, leased 59,000 square feet at Parker Technology Center in Irvine.
Western National Securities, a real estate services company, leased 44,000 square feet at Ventura Park, also in Irvine.
Terms of the leases were not provided by Irvine Co.
Christy Hutchison recently was promoted to senior vice president of national accounts at Irvine-based Shopoff Realty. (Photo courtesy of Shopoff Realty)
On the move
Christy Hutchison recently was promoted to senior vice president of national accounts at Irvine-based Shopoff Realty. She joined Shopoff in 2017 as a national accounts manager and was later promoted to director of national accounts. Hutchison’s new role in includes driving business development initiatives and managing strategic partnerships. Previously, she was a national accounts manager at New York-based First Capital Real Estate Advisors.
The real estate roundup is compiled from news releases and written by Business Editor Samantha Gowen. Submit items and high-resolution photos via email to sgowen@scng.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.
