CBRE has brokered the sale of two multifamily properties totaling 24 units for US $7.61 million in northern Orange County, California. 

In the first transaction, Executive Vice President Dan Blackwell and Associate Amanda Fielder represented the buyer in the sourcing and acquisition of a 16-unit multifamily property at 1801 and 1809 East Wilshire Avenue in Fullerton. This off-market transaction had a sale price of US $4.2 million, equating to US $262,500 per unit and US $419 per square foot. The buyer was based in Los Angeles County. The Orange County-based seller was exchanging into a Delaware Statutory Trust (DST).  

According to Blackwell, the sale of 1801 & 1809 East Wilshire Avenue is the largest apartment transaction in Fullerton this year and marks the property’s first change of ownership in 40 years.

Built in 1958, the apartment property spans 0.399 acres and is located between North Acacia Avenue and North Mountain Place. It consists of two two-story buildings, totaling 10,032 square feet, offering 16 one-bedroom apartment homes. Community amenities include garage parking, a pool, and a laundry facility. Recent improvements include renovations to certain units, as well as new exterior paint and landscaping.

Fielder says: “The property at 1801 and 1809 East Wilshire Avenue presented an attractive value-add opportunity for the buyer, with in-place rents currently 30 per cent below market rate.”

“The property is less than two miles to Hope International University, California State University, Fullerton, and Fullerton College, and eight miles to Chapman University. Metrolink is only a five-minute drive and two shopping centers are located within walking distance of the apartment community. There are also two parks, Fullerton Arboretum and Craig Regional Park, 3.2 miles away.”  

In the second transaction, Blackwell and Fielder represented an Orange County-based exchange buyer in the acquisition of an eight-unit multifamily property at 7012 and 7024 El Dorado Drive in Buena Park. The sale, totaling US $3.41 million, reflects a price of US $426,719 per unit and US $497 per square foot. The seller was a private investor based in Orange County. 

“The sale of 7012 and 7024 El Dorado Drive, consisting of two side-by-side fourplexes, stands out as the only multifamily property (four units or larger) sold in Buena Park this year,” says Fielder.

“Furthermore, it represents the highest sale price per unit and price per square foot for a fourplex or larger multifamily property in 2023.

“We sourced the acquisition opportunity for the buyer, who exchanged from a single-family home to the eight-unit multifamily property to increase cash flow. This was an all-cash deal,” she adds.

Built in 1960, 7012 and 7024 El Dorado Drive is situated on 0.344 acres on a quiet neighborhood street near the intersection of Knott Avenue and El Dorado Drive. The property offers immediate access to schools, parks, shopping, restaurants, services, and the entertainment of Knott’s Berry Farm. It also provides convenient access to the 91 freeway and Interstate 5. The two fourplexes encompass 6,874 square feet and feature a mix of two-bedroom/one-bath and two-bedroom/two-bath apartments, most of which have been renovated, and each unit includes laundry hookups.