Local Private Investor Acquires 42-Unit Multifamily Property In Huntington Beach For $16.1M

The property involved in this transaction is Mora Kai Apartment Homes, a 42-unit multifamily property located at 18881 Mora Kai Lane in Huntington Beach. The sale price for this property was $16.1 million, resulting in a price per unit of $383,333. The property was sold in an off-market transaction from an undisclosed seller and is financed with a 24-month, 80% loan-to-value bridge loan. It offers significant rental upside potential through renovations and repositioning.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $16,100,000
• Units: 42
• Price Per Unit: $383,333
• Market: Huntington Beach
• Broker: Kyle Mirrafati - Matthews

The sale was made to a local private investor, with Matthews Real Estate representing the property in the transaction. Unique financing details include the utilization of a bridge loan with a specific loan-to-value ratio designed to support the buyer's renovation plans.