30-Unit Apartment Complex in Westminster Sells for $10,025,000
The Orange County real estate market is buzzing with activity as a recently renovated 30-unit apartment complex in Westminster has been sold for an impressive $10,025,000. The La Pat Courtyard Apartments, located at 13812 La Pat Place, feature a 21,416-square-foot, two-story, two-building complex that was built back in 1961. The property underwent $1.4 million in improvements, both inside and out, making it a highly desirable investment.
CBRE, the brokerage firm involved in the sale, represented both the buyer and seller, although their identities have not been disclosed. The complex consists of one studio, 17 one-bedroom units, and 12 two-bedroom units, all of which have been remodeled to include modern amenities such as washers and dryers, stainless-steel appliances, air conditioning, and plank vinyl flooring.
In addition to this sale, CBRE also facilitated the purchase of Ebtide, a 12-unit apartment property in Costa Mesa, for $5.75 million. The property, located at 1993 Church St., underwent a full interior and exterior renovation in 2022, making it an attractive investment opportunity. The buyer of Ebtide hails from Newport Beach, while the seller resides in Nashville, Tenn.
Meanwhile, the office market in Orange County is showing signs of improvement, with a slight increase in demand in the first quarter of 2024. NAI Capital reported a small rise in occupancy rates, with tenants showing particular interest in sublease spaces. Despite a decrease in sales volume, Irvine Company reported a strong March with 1.4 million square feet of office space leased across various locations.
In other news, Christy Hutchison has been promoted to senior vice president of national accounts at Irvine-based Shopoff Realty. With her extensive experience in the real estate industry, Hutchison will be responsible for driving business development initiatives and managing strategic partnerships.
Overall, the real estate market in Orange County is vibrant and dynamic, offering a range of opportunities for investors and tenants alike.
