CBRE has successfully completed the sale of Tropicana Apartments, a 21-unit multifamily community in Huntington Beach. The property was sold to a private all-cash buyer for $7.05 million, representing a sale price of $698 per square foot and $337,714 per unit. This transaction marks the largest apartment sale in downtown Huntington Beach within the past decade.
EVP Dan Blackwell and first VP Mike O’Neill expertly represented the seller – an investor based in Huntington Beach who exchanged into a Delaware Statutory Trust – while also working with another local buyer from Huntington Beach.
According to Blackwell, “This is the first time this highly desirable property has been available for purchase in over forty years.”
The Tropicana Apartments are situated on a corner block just one block away from beautiful beaches at 201 10th St., featuring four two-story buildings on 0.40 acres of land. This gated community was originally built in 1963 and offers both one- and two-bedroom floorplans with select units boasting ocean views.
This recent transaction highlights CBRE’s expertise and success within Southern California’s competitive real estate market.
