LOS ANGELES, CA - Leading real estate professional services and investment management company Colliers International recently negotiated the $49 million sale of Five Points Senior Apartments on behalf of a private seller whom originally developed the project in conjunction with the city of Huntington Beach. Located at 18561 Florida Street in Huntington Beach, CA, the 166-unit multifamily property closed on September 13, 2020, after receiving over 300 confidentially agreements, multiple walk throughs and more than 10 qualified offers that received a best and final term sheet from the seller.
Colliers International’s Irvine deal team consisted of Executive Vice President Pat Swanson and the Colliers Affordable Housing Group team of Director and Executive Vice President John Nguyen and Ron “Doron” Peled. The team represented the buyer, KDF Communities, as well as the private seller.
“This deal represents the continued strength of the multifamily industry – even during a pandemic – in Southern California and specifically in Huntington Beach, a highly desirable coastal neighborhood with upscale retail, dining and boutiques,” said Nguyen.
“With the investments the buyer has planned for the complex, residents will have the opportunity to live in a well-amenitized complex with large units featuring various floorplans, a library and a fitness center in one of the most sought-after neighborhoods in Southern California,” Swanson continued.
Originally built in 1993, Five Points Senior Apartments traded at a 15.68 GRM and 3.67% cap rate. These benchmarks represent high points in the market for all multifamily product types, both restricted and market rate. Having previously been developer owned, the property hit the market for the first time—and possibly the last—in 2020.
About Colliers International: Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter@Colliers or LinkedIn.