A 53-year-old apartment complex in Costa Mesa has sold to a private investor for $18.5 million, according to CBRE.
The seller was unidentified. The buyer was identified as an all-cash 1031-exchange buyer, who also lives in Orange County. CBRE represented both.
CBRE’s Dan Blackwell said this was the first time the four-building, 48-unit Avocado Street Apartments had been on the market in 40 years.
“We generated five qualified offers for this desirable low-density, garden-style multifamily asset that also offered investors a value-add opportunity,” Blackwell said. “Our team was able to source a qualified buyer who opened escrow non-contingent and closed at a sale price representing $385,416 per unit or $512 per square foot. The selling cap rate was 2.77%.”
This Costa Mesa apartment sold to a private investor for $18.5 million. (Courtesy of CBRE)
The two-story complex at 301 & 307 Avocado Streets was built in 1969 and 32 one-bedroom and 16 two-bedroom floorplans.
New tenants can expect rent at the complex to go up if the new owner makes improvements.
“Due to strong rental demand in Costa Mesa, the buyer has the potential opportunity to increase the gross income approximately 55% by updating the unit interiors … and adding four accessory dwelling units,” said Mike O’Neill at CBRE.
Hotel makeover complete in Anaheim
R.D. Olson Construction in Irvine has wrapped up renovation work at the Sheraton Park Anaheim Hotel.
The makeover, which started in May 2021, was a top-to-bottom transformation, according to R.D. Olson’s team. It was the first update to the 14-story hotel in 40 years. The work was done in phases to disturb customers as little as possible, the company said.
Located across Katella Avenue from Disneyland, the 270,000-square-foot project at 1855 South Harbor Blvd. included improvements to all 490 guestrooms, meeting areas, lobby and elevator areas. Corridors, management offices and back-of-house areas also got an update.
R.D. Olson Construction worked with Taconic Capital and partnered with the architecture firm Melzer Deckert Ruder, Architects Inc. and construction manager Cumming on the hotel project.
Anaheim-based Outside the Lines has completed its work on a sparkling tree sculpture fountain at Klyde Warren Park in Dallas, Texas. (Courtesy of Outside the Lines)
Texas water project wraps up for OTL
Anaheim-based Outside the Lines has completed its part of the Nancy Best Fountain in Dallas, Texas.
Working with the city and Woodall Rodgers Park Foundation, the speciality design-build company worked on an interactive water fountain at Klyde Warren Park.
The show fountain features three abstract and polished sparkling tree sculptures. It was designed by Fluidity Design Consultants and built out by OTL. It’s part of several existing interactive fountain experiences at the park.
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OTL said the fountain will be illuminated with 250 programmable color-changing LED lights, creating a variety of sequences and effects. The fountain shoots jets of water 95 feet into the air during special events.
Chris Riccardi has been promoted to senior vice president of global sales strategy at Irvine-based KSL Resorts. (Courtesy of KSL Resorts)
On the move
Chris Riccardi has been promoted to senior vice president of global sales strategy at Irvine-based KSL Resorts. Previously, he was a senior vice president of global sales at Outrigger Hospitality Group. Riccardi will work at the company’s corporate offices, overseeing all strategic sales efforts for KSL Resorts. Before joining Outrigger, he was executive vice president of Associated Luxury Hotels International, a position he held for 15 years. He was also director of sales for The Ritz-Carlton Hotel Co. and senior sales manager for Renaissance Hotels.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at firstname.lastname@example.org. Please allow at least a week for publication. All items are subject to editing for clarity and length.