CBRE’s Melinda Russell Advises in the Sale of Two Ocean-Oriented Multifamily Properties Totaling Approximately $33 Million

CBRE announced today that two ocean-oriented, multifamily properties were sold in the Santa Barbara/Ventura County markets at the end of 2013, totaling $33.25 million. Melinda Russell of CBRE’ Los Angeles North Multi Housing group represented both buyer and seller in the two transactions.

The first transaction is Sunset Cove, an 84-unit property with a majority of 2 and 3 bedroom units, located at 1460 South Victoria in Oxnard. Selling for $17 million, this was an off market transaction. Located across from the new Seabridge Marketplace shopping center and a block from Channel Islands Harbor, it is a desirable location for an investment and for the residents. Benedict Canyon Equities sold the property, which was built in the 1970’s, to an undisclosed buyer.

“Given its age, this project sold for a record price of over $200,000 per unit,” says Russell. “This price was justified by the unit mix, the well-maintained condition of the property and its proximity to the Harbor, ocean and new commercial development.”

“The buyer is interested in managing and improving the property as well as expanding their holdings in this improving commercial and residential market,” added Russell.

The second transaction is Lavender Court, a Class A, 41-unit condominium project located in Carpinteria, Santa Barbara County, which sold for $16.250 million. The property has 40 condominiums and 1 currently leased commercial space that has potential for developing more units or to be broken into 3 retail spaces. The project can be sold out individually, as condos or continue to be rented moving two exit strategies. Both seller and buyer have requested to remain undisclosed, but are local Santa Barbara businesses.

According to Russell, “There was a strong response to this offering, which was under contract within 30 days of the signed listing. The high quality of the building, the flexibility of some of the space, location just five blocks from the ocean, and rare architecture, all made this a compelling and exciting investment. Additionally, this market has huge barriers to entry and there is nothing on the rental market of this quality from Ventura to Santa Barbara.”

The exterior finishes have bungalow, craftsman style wood doors, Anderson Windows, copper lighting fixtures at front entry, 2 and 3 story units, a landscaped courtyard, individual garages, private yards and front porches. Interior finishes have stainless steel appliances, granite kitchens and baths, a wet bar in the master bedroom and fireplaces in the living room, skylights and several “live/work” units for residents who can run retail businesses attached to their homes.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.