Advanced Real Estate Acquires Citron House Multifamily Property In Huntington Beach For $96M

The Citron House apartment property in Huntington Beach, California, has been sold for $96 million. The buyer, Advanced Real Estate, is planning to rename the property to Surf House and invest $7 million in renovations. The property consists of 264 units and was sold at a price of $363,636 per unit. The sale includes the assumption of a $53.39 million Freddie Mac loan, resulting in a 4.75 percent capitalization rate based on the property's recent net operating income of $4.56 million.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $96,000,000
• Address: 7701 Warner Avenue, Huntington Beach
• Market: Huntington Beach
• Buyer: Advanced Real Estate - Richard Julian
• Seller: TruAmerica Multifamily
• Broker: Eastdil Secured
• Units: 264
• Price per Unit (PPU): $363,636

Advanced Real Estate, led by Richard Julian, has acquired the Citron House apartment property. The buyer plans to reposition the property and capitalize on its potential. The seller, TruAmerica Multifamily, has successfully completed the transaction with the assistance of Eastdil Secured as the broker.