August 22, 2019— CBRE announced the sale of a 16-unit multifamily community, Myrtle Avenue Apartment Homes, in Tustin, Calif. to a local investor for $5.3 million.
Located at 15981 S. Myrtle Avenue, the 17,678 square-foot property consists of nine two-bedroom/two-baths, two two-bedroom/two-baths, four three-bedroom/two-baths and one two-bedroom/one-and-a-half baths units. Myrtle Avenue Apartment Homes was originally built in 1964 and has recently undergone extensive interior and exterior renovations. The property offers amenities, including on-site laundry facilities, private patios, balconies and enclosed garages.
The apartment community is within one mile of both I-5 and SR 55 that connect Tustin to the coast and to Los Angeles and San Diego counties. Within walking distance of Myrtle Avenue Apartment Homes is Old Town Tustin, a popular dining, retail and entertainment destination in Orange County. The property is also across the street from both Tustin Hospital Medical Center and Foothill Regional Medical Center.
“This acquisition was part of a 1031-exchange, which presented our team with the challenge of finding a property that fit our client’s various requirements,” said Chen. “Multifamily properties are in high demand in this region, especially when they are strategically located such as this one, close to transportation and a multitude of amenities.”
The Orange County multifamily market remained healthy in the first quarter, with a favorable vacancy rate and continued rent growth, according to CBRE research. Demand in Orange County kept vacancies in Orange County at a mere 4.1 percent in the first quarter, while rents increased 1.8 percent from