Newport Beach, Calif. – CBRE announced the sale of a multifamily development property in Huntington Beach, Calif., to the city of Huntington Beach for $2.97 million.
CBRE’s Dan Blackwell and George Felix represented the seller, a private investor, and the buyer.
The 0.78-acre undeveloped site, located at 17631 Cameron Lane, sits within a residential community near the 405 Freeway and Huntington Beach Hospital and has frontage on Beach Boulevard, one of the area’s main arteries.
The city of Huntington Beach purchased the site with the plan to develop low-income housing. Currently, the land is being used as a temporary homeless shelter.
“Due to the shortage of undeveloped land on the Beach Boulevard corridor, we were able to generate multiple competitive offers for the seller,” said Felix.
Added Blackwell, “Ultimately, the seller chose the city of Huntington, which will help supply much-needed low-income housing.”
Despite the low level of absorption due to COVID-19, the multifamily market held up better than expected in the second quarter, according to CBRE’s latest research. The market is likely to stabilize by the first quarter 2021 and show steady improvement after that.
CBRE’s Dan Blackwell and George Felix represented the seller, a private investor, and the buyer.
The 0.78-acre undeveloped site, located at 17631 Cameron Lane, sits within a residential community near the 405 Freeway and Huntington Beach Hospital and has frontage on Beach Boulevard, one of the area’s main arteries.
The city of Huntington Beach purchased the site with the plan to develop low-income housing. Currently, the land is being used as a temporary homeless shelter.
“Due to the shortage of undeveloped land on the Beach Boulevard corridor, we were able to generate multiple competitive offers for the seller,” said Felix.
Added Blackwell, “Ultimately, the seller chose the city of Huntington, which will help supply much-needed low-income housing.”
Despite the low level of absorption due to COVID-19, the multifamily market held up better than expected in the second quarter, according to CBRE’s latest research. The market is likely to stabilize by the first quarter 2021 and show steady improvement after that.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
