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41-Unit Costa Mesa Multifamily Sells for $16.9M

The sale price was about $550,000 higher than the property’s 2018 purchase price, and the new buyer plans a value-add repositioning.

Reported · Written up by our desk · Residential

Marcus & Millichap finalized the sale of 1990 Maple Ave. in Costa Mesa, a 41-unit multifamily property.

The asset traded for $16.9 million, equating to $412,195 per unit, about $550,000 above its 2018 selling price, according to ConnectCRE.

ConnectCRE said the marketing highlighted a low-density community in an Orange County rental market described as supply-constrained, and noted the property’s mix of two- and three-bedroom floor plans.

The outlet added that prior ownership completed capital improvements, including electrical upgrades and roof replacements, and that the buyer acquired the property for a value-add repositioning after competitive bidding.

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