A 24-unit apartment property in Costa Mesa sold for $9.44 million, or $393,333 per unit, according to Marcus & Millichap.
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The Leeson Group, a division of the brokerage, represented the seller, Curt Grieder. The buyer was the Rigas Family.
The 61-year-old property 291 Avocado St. features two, 12-unit buildings on two connected parcels totaling of nearly an acre in Westside Costa Mesa.
The 18,012-square-foot property offers 20 one-bedroom, one-bath units and four two-bedroom, one-bath units, along with 45 parking spaces, a central courtyard and on-site laundry facilities.
Rent at the property ranges from $2,195 to more than $2,495, according to Zillow.
The former owner updated the property with a new roof, copper plumbing and upgraded electrical subpanels.
The brokerage said the buyer plans to continue renovating and operating the property.
“With 19 of the 24 units already renovated and several major capital improvements completed, the property provided the buyer with stable in-place income along with opportunities to further enhance the asset,” Tyler Leeson, executive managing director of investments, said in a statement. “The buyer completed a 1031 exchange from a retail and land investment outside Orange County, which helped support a fast and efficient closing.”
232 homes for sale at Rienda village
Rancho Mission Viejo is selling 232 single-family homes in three communities.
They include:
Sunflower by Trumark Homes: Duplex and single-family homes with two to four bedrooms, 2.5 to 3.5 bathrooms, garages and options for a loft or bonus room. Homes will range from 1,568 to 2,357 square feet. Home prices will start in the high-$900,000s.
Indigo by Lennar: Two-story single-family detached homes with three to four bedrooms and 2.5 to 3 bathrooms. Homes will range from 2,006 to 2,427 square feet with prices starting in the low $1 millions.
Primrose by Shea Homes: Two-story single-family detached homes with four to five bedrooms, and 3.5 to 4.5 bathrooms. Homes will range from 2,491 to 3,009 square feet with prices starting in the mid-$1 millions.
All prices are estimated and subject to market conditions, Shea said in a statement.
“For growing families, their prime location near the future Rienda School, Rienda Park and Greenhouse View Park creates a convenient and connected space where kids can learn, play and thrive,” said Jim Holas, vice president of Community Development at Rancho Mission Viejo.
Shea Homes got the green light from Yorba Linda officials to proceed with a housing development that will add 82 single-family homes to the city. The homebuilder paid $31.2 million for a 15-acre site at 18141 Bastanchury Road. (Photo courtesy of Google maps)
Shea Homes got the green light from Yorba Linda officials to proceed with a housing development that will add 82 single-family homes to the city. The homebuilder paid $31.2 million for a 15-acre site at 18141 Bastanchury Road. (Photo rendering courtesy of Shea Homes)
Yorba Linda: 82 new homes coming from Shea
Shea Homes got the green light from Yorba Linda officials to proceed with a new housing development that will bring 82 single-family homes to the city.
The homebuilder paid $31.2 million for a 15-acre site at 18141 Bastanchury Road, according to public documents viewed at PropertyShark.com. The seller was a family trust.
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Emilie Simard, director of forward planning at Shea, said in a LinkedIn post that the homebuilder should begin work this year.
Lot preparation and home construction faces a couple of hurdles at the property, she wrote, including 22 abandoned oil wells and an existing residential property the owner refused to sell.
Shea is planning 55 detached homes ranging from 3,346-3,900 square feet. Another 27 detached homes will range from 2,385-2,777 square feet.
“We are set to start clearing and demo operations (in) fall of this year,” Simard wrote.
IHP Capital Partners in Newport Beach is buying 1,458 acres in the Houston, Texas metro area, where it plans to develop 3,400 finished residential lots with partner Texas-based Scarborough Lane Development. The lots will eventually form a master-planned community near the cities of Alvin and Liverpool. (Photo courtesy of IHP Capital Partners)
IHP Capital Partners in Newport Beach is buying 1,458 acres in the Houston, Texas metro area, where it plans to develop 3,400 finished residential lots with partner Texas-based Scarborough Lane Development. The lots will eventually form the Peachtree master-planned community near the cities of Alvin and Liverpool. (Photo courtesy of IHP Capital Partners)
Newport Beach’s IHP goes big in Texas
IHP Capital Partners in Newport Beach is buying 1,458 acres in the Houston, Texas metro area, where it plans to develop residential lots for the Peachtree master-planned residential community near the cities of Alvin and Liverpool.
Financial terms of the deal were not provided by the real estate investment firm.
The firm said the first transaction of several to come features 206 acres and the development of 535 single-family lots.
Also in the pipeline: space for a community recreation area with a lazy river pool and a large outdoor shade pavilion.
The full entitlement project will be completed in multiple phases, with closings scheduled roughly every 18 months, IHP said. Site work has started, with the first 535 lots expected to be ready in the second quarter of 2027.
At full buildout, IHP and its development partner, Texas-based Scarborough Lane Development, will build 3,400 finished residential lots.
The duo also will work on sites for retail, two future elementary schools, and parks, open space and tree preservation.
“Peachtree is a unique opportunity to deliver a large-scale, thoughtfully planned community that responds directly to the region’s growing need for attainably priced housing,” said Ryan Burkhart, managing partner at Scarborough Lane.
The real estate roundup is compiled from news releases and written by Business Editor Samantha Gowen. Submit items and high-resolution photos via email to [email protected] . Please allow at least a week for publication. All items are subject to editing for clarity and length.
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