CBRE Facilitated $9 Million Sale of Multifamily Townhome Community in Costa Mesa, Calif.

CBRE facilitated a $9 million sale of an 11-unit multifamily community in Costa Mesa, Calif. to Monighetti Trust.

Dan Blackwell and Mike O’Neill of CBRE represented the buyer in this transaction.

Located at 607 Hamilton St. and built in 1988, the community consists of 11 four-bedroom townhomes. Each unit has approximately 1,632 sq. ft. of living space with four bathrooms and a two-car garage.

“The CBRE team sourced the ‘up-leg’ property for the buyer’s 1031-exchange and arranged the debt and the 30-day close,” said Blackwell. “The buyer acquired a unique property with condo-quality units in the westside of Costa Mesa. This truly is a pride-of-ownership asset that hadn’t been up for sale since it was built.”

The sale equaled $818,000 per unit, one of the highest levels in Costa Mesa, according to Blackwell.

The demand for rental units, catalyzed by new household formation, is expected to match the pace of new deliveries in 2022, according to the CBRE U.S. Real Estate Market Outlook for 2022. Downtown multifamily properties are nearing pre-pandemic levels as people move back to urban areas as vaccination records continue to increase, causing fewer restrictions on urban amenities and the surge of schools and offices fully reopening.