CBRE Brokers $5.025M Sale Of Crestview Apartments In Costa Mesa

The Crestview Apartments, a 19-unit multifamily property, located at 859 West 19th Street in Costa Mesa, California, has been sold for $5,025,000. The property sits on approximately 0.47 acres and offers a value-add opportunity with rents currently 30% below market rates. Its strategic location near various amenities adds to the attractiveness of the investment in Costa Mesa's multifamily market.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $5,025,000
• Units: 19
• Price per Unit: $264,474
• Square Footage: 8,931
• Price per Square Foot: $563
• Date: 01/08/2024
• Market: Costa Mesa

The sale of Crestview Apartments was brokered by Daniel Blackwell, Jack O'Connor, and Mike O'Neill of CBRE. A local private investor purchased the property, marking the first sale in over 40 years.