Beachwood Apartments, an 18-unit apartment complex in Huntington Beach, recently sold for $8.65 million or $480,556 per unit. CBRE represented the buyer and the seller, both Orange County residents, in the sale.
If the price per unit seems low compared with recent deals highlighted in our real estate roundup, you’re not wrong. CBRE brokers say future renovations to the 53-year-old property could result in rent increases of up to 36% to match market rates. “The property is situated close to Pacific City, restaurants and shopping, and is only 0.
1 miles from beach access,” said Mike O’Neill at CBRE. “Beachwood Apartments also presents a value-add opportunity. Through a renovation plan, current rents can be increased by approximately 36% to reach market levels.
..” Beachwood Apartments, an 18-unit apartment complex in Huntington Beach, recently sold for $8.
65 million. The property includes one-, two-, and three-bedroom floor plans spread over 15,809 square feet. (Photo courtesy of CBRE) Beachwood Apartments, an 18-unit apartment complex in Huntington Beach, recently sold for $8.
65 million or $480,556 per unit. (Photo courtesy of CBRE) Beachwood Apartments, an 18-unit apartment complex in Huntington Beach, recently sold for $8.65 million or $480,556 per unit.
The complex was built in 1971. (Photo courtesy of CBRE) The apartments at 125 16th St. were completed in 1971 and include one-, two-, and three-bedroom floor plans spread over 15,809 square feet.
The property inclu.