CBRE Arranges Sale of 21-Unit Apartment Community in Huntington Beach, Calif., for $7.05 Million

CBRE announced the sale of Tropicana Apartments, a 21-unit multifamily community in Huntington Beach, Calif., to a private all-cash buyer. The sale price of $7.05 million represents a sale price of $698 per square foot and $337,714 per unit, and was the largest apartment transaction in downtown Huntington Beach in the past 10 years.

CBRE’s Executive Vice President Dan Blackwell and First Vice President Mike O’Neill represented the seller, a private investor based in Huntington Beach, exchanging into a Delaware Statutory Trust (DST). The buyer was also based in Huntington Beach.

According to Blackwell, “This is the first time the property has been available for sale in over four decades.”

The Tropicana Apartments property is located on a corner block one block from the beach at 201 10th Street and features four two-story buildings totaling 10,096 rentable square feet across six lots on two parcels. The gated community was built in 1963 on 0.40 acres and offers a mix of one- and two-bedroom floorplans with ocean views in select units. Community amenities include an ocean-view deck, pool and laundry facilities. There are 18 carports plus three garages for residents.

“Our team generated multiple competitive offers for this prime value-add asset,” O’Neill said. “To maximize value, the new owner could increase rents by 25% or redevelop the property with for-sale product.”

O’Neill continues, “Tropicana Apartments offers the buyer a prime coastal location (Walk Score of 82 as “Very Walkable” and a Bike Score of 90, a “Biker’s Paradise”) situated one block from the beach and a nine-minute walk to shops and restaurants in Downtown Huntington Beach (0.4 miles).”

This transaction marks CBRE Multifamily SoCal Team’s 18th Huntington Beach property sale in the past 36 months. The team currently has over $187 million in multifamily properties in escrow and on the market.

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 2022 revenue). The company has approximately 115,000 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