CBRE ANNOUCES SALE OF NEWLY BUILT LUXURY SENIOR APARTMENT COMMUNITY IN ORANGE, CA, TO AN EXCHANGE BUYER

01 Nov 2018

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Los Angeles – November 1, 2018 – CBRE announced the sale of a newly constructed apartment building in Orange, CA, to a 1031-exchange investor for $4.5 million, or $447 per square foot.

CBRE’s Dan Blackwell represented the buyer in the transaction.

Encore at Hewes, a luxury senior apartment community (55+), was newly constructed in 2017 by RC Hobbs Company, who was also the seller. Located at 130 S. Hewes Street, near the affluent neighborhood of Orange Foothills, the 12-unit property features all one-bedroom/one-bathroom and den floor plans.

“The buyer was looking to acquire a property in Orange, specifically a newer asset with less deferred maintenance after selling an apartment building in Tustin, California, as part of a 1031-exchange,” said Blackwell. “Newly developed buildings are highly sought after in today’s market, especially with exchange buyers.”

Blackwell also represented the seller, who had re-purposed the land to allow for the construction of the brand-new building.

Investor demand for multifamily assets has been strong. Rent growth across Orange County has continued due to the shortage of available inventory, high home prices and the influx of Millennials into the renter pool, according to CBRE research. Orange County’s population is set to grow from 3.2 million today to 3.5 million by 2040, which is likely to continue to drive demand for apartments.
About CBRE Group, Inc.
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.