Dunbar Real Estate Investment Management sold a 14,518-s.f., 14-unit multifamily property to The Robert and Grace Chiu Revocable Living Trust for $8.7M. The property features a mix of one-, two- and three-bedroom units, built in 1977, with over $1M in capital improvements completed in 2022, including renovations of all units. CBRE’s EVP Dan Blackwell and SVP Mike O’Neill represented the buyer and the seller.
Property: A 14-Unit Multifamily Property in Huntington Beach, Calif.
Price: $8.75M
Seller: Dunbar Real Estate Investment Management
Buyer: The Robert and Grace Chiu Revocable Living Trust
“The buyer was particularly drawn to the significant investment the previous ownership had made in the property. The over $1M in capital improvements, including the comprehensive renovation of all units, presented a rare opportunity to acquire a truly modernized asset in a prime location without the immediate need for further upgrades,” O’Neill said. “This value-add through prior renovation was a key differentiator.”
This off-market sale marks the highest price per unit for a multifamily property in Huntington Beach over the past two years. “The per-unit sale price of $625K set a new benchmark in the city, reflecting the strong investor appetite for premium properties in desirable coastal locations,” Blackwell said.
The property provides residents with convenient access to urban amenities. “Huntington Beach continues to be a highly sought-after market, and this property’s location truly stood out,” O’Neill said. “The buyer recognized the strength of the underlying real estate fundamentals, further enhanced by an impressive Walk Score of 86. This accessibility to the vibrant Seacliff Village Center, the beach and other local amenities makes it an exceptionally desirable long-term investment in a resilient coastal market.”
“While the off-market nature of this transaction presented a unique opportunity, our primary focus was ensuring a seamless experience for the 1031 exchange buyer,” O’Neill said. “This involved not only identifying a property that perfectly aligned with their investment objectives but also proactively assisting them in securing financing, insurance and a property management solution. Leveraging our deep market knowledge and established relationships allowed us to navigate these aspects efficiently, ultimately leading to a successful closing.”
