A nine-unit apartment building at 216 6th Street in Huntington Beach sold for $ 4.95 million, or $ 550,000 per apartment, according to CBRE, which brokered the deal.
The purchaser, a family foundation, was not identified and was represented by Dan Blackwell and Mike O’Neill.
The property comprises an average of 1,010 square feet of two and three bedroom apartments with patios or balconies. The complex is located about two blocks from the beach, Surf City downtown and Pacific City downtown.
“The previous family owned the asset for over 30 years and we rarely see properties in this iconic coastal location listed for sale,” Blackwell said. “Due to the proximity to amenities and attractions, as well as the high demand for rentals in the area, the property generated a lot of investor interest and we were able to generate six offers that were eventually awarded a cash buyer at a record price.
This is the eighth Huntington Beach car sales deal that the CBRE team, which also represented the seller, has completed this year.
New headquarters colorful, open space
Nogin, an e-commerce software provider for fashion brands, has redesigned its workspace filled with Godzilla and a giant dog.
H. Hendy Associates recently completed design work for its 16,000 square foot FLIGHT headquarters in Tustin Legacy.
The space recently won the Gold Nugget Grand Prix for Best Commercial Project of less than 20,000 square feet. The headquarters includes a typical mix of workspaces encompassing private offices, meeting spaces, conference rooms, dining room, large lobby, and various seating areas for impromptu meetings and brainstorming sessions.
What is less characteristic is the style reminiscent of a modern art gallery. Hendy’s team took a ‘trendy quarter’ approach using cities such as Paris, London, Milan and Tokyo as his inspiration spread across 18 different workspaces. Tokyo got Godzilla and cherry blossoms; Paris is a tall 15-foot poodle with a chandelier in his mouth. London has an industrial underground atmosphere. Milan has a bold gold palette.
“We now have an employee-centered environment that is not only engaging and filled with experience – an inspiring place where our team wants to work and be – but also reflects our vibrant culture and global experience in fashion,” said Jan-Christopher Nugent. general director. Nogina.
25 apartments in Anaheim are on sale for $ 8 million
On the northern outskirts of Orange County, a 25-unit apartment complex at 9922 Broadway in Anaheim sold for $ 7.9 million, or just under $ 320,000 for an exchange of 1031.
An unknown seller bought the property for $ 6.8 million in 2019, according to CBRE’s Dan Blackwell, who brokered both deals and secured the purchase from Orange.
The complex was built in 1989 and includes all three-room apartments renovated by the last owner.
“We created several competitive offers and found a buyer through the CBRE network,” Blackwell said in a statement. “We continue to see an increasing number of Los Angeles investors seeking the Orange County market because of his strong rental experience and great opportunity.”
CBRE declined to name a buyer.
Irvine office building sold for $ 10.8 million
The 24,031-square-foot one-story office building at 2300 Michelson Drive in Irvine was sold to an unknown buyer for $ 10.8 million, according to CBRE.
The seller and the buyer have not been established.
“The hotel’s central location provides irreplaceable access to Orange County’s most prestigious and coveted business corridors,” said Anthony DeLorenzo of CBRE. “We forecast that OC should create 68,000 new jobs over the next five years, with one of the highest rent growth in the country. As a result, high quality, strategically located office buildings such as this are in high demand among investors. “
Bascom buys 93 homes for rent in Nevada
The Bascom Group in Irvine bought a single-family rental home of 93 apartments in Las Vegas for $ 24.75 million or $ 266,129 per apartment.
“Suncrest Townhomes represents an excellent opportunity for Bascom to continue expanding into the single-family rental business,” said Tom Gilfillan, Bascom’s Acquisition Manager. “Demand for single-family home rentals skyrocketed in 2020 as residents sought more space in the competitive single-family home market with historically low inventory for sale.”
The complex is located in North Las Vegas. Bascom said it plans to modernize the interiors.
The firm recently acquired a multi-unit portfolio of three condos and 390 condos in Las Vegas for $ 72 million.
Single-family home rental prices in the United States jumped 6.6% in May from a year earlier, according to CoreLogic Inc., suggesting that the housing boom could exacerbate inflationary pressures in the economy.
National growth has been the fastest since 2005, according to CoreLogic. Single-family homes, which account for about half of the rental market, saw a surge in demand during the pandemic as Americans sought to move to less densely populated areas.
Investors, in particular, have been hunting for profits in the frenzied US real estate market, building huge portfolios of homes to rent on Airbnb, according to Bloomberg. Plans to buy giant rents will mark a shift towards a more hotel-like consumer experience with Airbnb. But this is because record low home stocks are pushing prices up for both casual buyers and Wall Street investors.
Coming soon: things to do for Fido
Blaine Cotton and Christine Bowe, sales agents for Coldwell Banker Realty’s Newport Beach office, partnered Newport Beach Boys and Girls Club hold Bark in the Park on Saturday 31 July.
The free event will take place from 2 pm to 5 pm on the lawn in front of the boys and girls club at 2555 Vista Del Oro.
Barking in the Park is an opportunity to share with the community an updated boys and girls club.
“We are thrilled that families in our area will see our newly renovated club and learn about the many programs we offer school children in their area,” said David Blair, director of corporate and partnerships for the Boys and Girls Club. … Newport Beach.
Dr. Bruce Whitaker, a veterinarian at Newport Hills Veterinary Clinic, will provide residents with free information about his dog’s health.
Sponsors include The Pet Oasis, a local natural pet food store, Surfers for Strays, a nonprofit that wants to reduce stray pets in Mexico, Bark City, a kindergarten and dog boarding school, and Mutt’s Newport Beach, a nearby family restaurant. …
Real estate deals, leases and new projects, industry hires, new ventures and upcoming events compiled from press releases from writer Karen Levin. Email High Resolution Objects and Photos to Business Editor Samantha Gowen at email@example.com… Please allow at least a week to post. All elements are subject to editing for clarity and scope.