CBRE arranged the sale of a 12-unit multifamily property, Ebtide, in Costa Mesa for $5.75 million to a private investor. The selling price represents $753 per square foot and over $479,000 per unit.

EVP Dan Blackwell, first VP Mike O’Neill and associate Jack O’Connor represented both the buyer and seller in the non-exchange transaction. The buyer was based in Newport Beach and the seller was based in Nashville.

“Our exclusive marketing process generated multiple competitive offers for this prime Eastside Costa Mesa turnkey property,” said Blackwell. “Our seller was a repeat client and the buyer was sourced through our investor network. We achieved a 26-day escrow from open to close and the property was delivered with two city-approved ADU permits.”

Built in 1960 and renovated in 2022, the 7,632square-foot, two-story, two-building apartment community is located at 1993 Church St. It recently underwent an extensive renovation of nearly $1 million.

Be there in person for the 8th Annual Connect Los Angeles 2024, May 1 at the Intercontinental Los Angeles Downtown. Industry leading experts will share insights and forecasts on today’s CRE markets.   

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