CBRE announced the sale of a 12-unit multifamily property, Ebtide, in Costa Mesa, Calif., to a private investor for $5.75 million. The selling price represents $753 per square foot and over $479,000 per unit.
CBRE’s Executive Vice President Dan Blackwell, First Vice President Mike O’Neill and Associate Jack O’Connor represented both the buyer and seller in the non-exchange transaction. The buyer was based in Newport Beach and the seller was based in Nashville, Tenn.
“Our exclusive marketing process generated multiple competitive offers for this prime Eastside Costa Mesa turnkey property,” Blackwell noted. “Our seller was a repeat client and the buyer was sourced through our investor network. We achieved a 26-day escrow from open to close and the property was delivered with two city-approved ADU permits.”
Built in 1960 and renovated in 2022, the 7,632–square-foot, two-story, two-building apartment community is located at 1993 Church Street on a 0.29-acre lot near the corner of 20th Street and Church Street. Ebtide features 12 one-bedroom, one-bath units with an in-unit washer and dryer, new stainless-steel appliances, mini-split air conditioners and real oak wood flooring in each unit. The apartment community also has gated access, a community courtyard, drought-resistant landscaping and 10 parking spaces (four garage spaces and six open spaces).
According to O’Neill, the property recently underwent an extensive renovation of close to $1 million. “Ebtide was truly a turnkey property having undergone a full interior and exterior renovation, including a full renovation of all 12 units,” O’Neill said. “Additionally, Ebtide has city approval to build two accessory dwelling units (ADUs) through garage conversions. With garage conversions, an investor could add two approximately 497-square-foot one-bedroom units to the property.
Through the in-place RUBS (Ratio Utility Billing Systems), tenants pay for water and trash, in addition to the property being individually metered for electricity and gas.
The apartment community is situated in a prime Eastside Costa Mesa location with a Walk Score of 88 (“Very Walkable”) and a Bike Score of 74 (“Very Bikeable”). Ebtide is a short walk to The Triangle (0.6 miles), near 17th Street Promenade (1.1 miles), and a short drive to the beaches of Newport Beach.
“The Eastside Costa Mesa rental market is highly sought-after by investors due to its vibrant community, proximity to amenities, and strong rental demand,” said O’Neill, highlighting the area’s appeal for multifamily investors.
The sale of Ebtide marks the CBRE Multifamily SoCal Team’s third Eastside Costa Mesa closing in 2024. It was also the third time that the team sold this asset.
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 2023 revenue). The company has approximately 130,000 employees (excluding Turner & Townsend 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.
