Just Closed - Two Apartment Properties in Laguna Beach for Total of $6.62 Million

CBRE Multifamily announced the sale of two apartment buildings in Laguna Beach, Calif. to separate investors for a total of $6.62 million. The team has closed a total of five multifamily transactions on this street in the past 12 months.

The first property, located on a corner lot at 460 Cypress Drive, features nine units, with ocean views for those located on the second floor. The building sold for $4.46 mil, or $495k/unit and a 2.8% cap rate on current rents. 

CBRE’s Dan Blackwell represented the seller, a general partnership. The buyer, a family trust, represented itself. “The ownership of five investors owned the property since the 80’s. Located in an irreplaceable location of prime North Laguna Beach, we were able to generate five offers," said Blackwell.

"We have seen an increase in demand from investors for coastal multifamily properties even more so since interest rates have dropped back to historic lows."

The second property is located on the same street at 280 Cypress Drive and consists of four units. CBRE’s Blackwell and Mike O’Neill represented both the private buyer and seller in the transaction. The building sold for $2.16 million, featuring majority two-bedroom..Read More: RENTV