CBRE ANNOUNCES SALE OF APARTMENT PROPERTY IN SANTA ANA TO LOCAL 1031-EXCHANGE BUYER
29 Mar 2018
CBRE announced the sale of an apartment property in Santa Ana, Orange County, to a local 1031-exchange buyer for about $3.9 million.
CBRE’s Dan Blackwell, Mike O’Neill and Matt Daspin represented the buyer.
“Though the property was previously expired and marketed by another firm for more than 150 days, we knew we could close a sale with this 1031-exchange buyer who already owned on the same street,” said Blackwell. “With the help of our extensive client database we were quickly able to match the right seller and buyer.”
Francia Apartments is a 20-unit property, located at 1410 French Street. It is in walking distance to Downtown Santa Ana and features mostly studio apartments as well as four onebedroom units. Built in 1977, the seller had increased the value of the site by about 45 percent since purchasing it three years ago, by increasing rents.
“This deal gave the seller the chance to realize substantial gains since investing into this property while providing the buyer with the opportunity to exchange into a well-performing and income-producing asset.”
The CBRE team also represented the seller in this transaction. Santa Ana is one of Orange County’s strongest rental markets. As the second most populous city in the county, it boasts a strong commercial presence, which supports a high rental demand. Overall, the Orange County multifamily market has had one of the lowest vacancy rates in the country, according to CBRE research.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.