News Summary
The Bascom Group has finalized the sale of the Huntington Breeze senior living complex for $35 million, equating to roughly $307,018 per unit. The property, located at 16171 Springdale St., features 114 units and was built in 1987, achieving a high occupancy rate of 96%. This sale indicates significant growth in the multifamily property market. The identity of the buyer remains undisclosed, while potential redevelopment opportunities for accessory dwelling units may emerge for the new ownership.
Huntington Beach
The Bascom Group finalized the sale of the Huntington Breeze senior living complex for $35 million, translating to approximately $307,018 per unit. This transaction marks a significant milestone in the multifamily property market in the area.
Located at 16171 Springdale St., the Huntington Breeze features 114 units and was constructed in 1987. Upon being listed, the property boasted a high occupancy rate of 96%, demonstrating strong demand for senior living accommodations in Huntington Beach.
Bascom Group acquired the Huntington Breeze property in 2014 for $19 million, indicating a notable appreciation in its value over the years. The marketing efforts for the sale were spearheaded by real estate professionals Joseph R. Berkson, Joe Leon, and Dean Zander, who respectively represented firms Marcus & Millichap, Voit Real Estate Services, and Newmark. As of now, the identity of the buyer remains undisclosed.
In addition to the sale of Huntington Breeze, there are interesting developments in the local real estate sector. The new ownership might have the opportunity to convert certain spaces within the Huntington Breeze building into accessory dwelling units (ADUs), which could further enhance the property’s appeal in a market that increasingly prioritizes flexible living arrangements.
Recent Real Estate Trends
In the same context, Matthews Real Estate Investment Services expanded its team by hiring Chase Calderon as first vice president. His focus will be on commercial real estate debt and equity, reflecting a growing interest in this sector.
Concord Capital Partners made headlines by acquiring a sizeable 537-unit multifamily portfolio in Los Angeles for $79 million. This deal was facilitated through a $60.5 million senior loan and approximately $30 million in equity, illustrating robust investment activity in the multifamily segment.
Meanwhile, Lowe ventured into downtown San Diego, purchasing the Tenth & G mixed-use apartment complex for $71 million. This acquisition showcases continued confidence in urban multifamily developments.
In Rancho Cucamonga, a $64 million construction loan was secured by Parkview Financial for the establishment of a new mixed-use development. This project aims to meet the growing demand for both residential and commercial spaces in the region.
Additionally, Gantry arranged a $26 million bridge loan for the Civic Center Plaza retail center located in Simi Valley, demonstrating a proactive approach toward retail financing amid changing market dynamics.
Innovative Developments in Housing
In a notable move towards providing affordable housing, Elysian Housing and Capstone Equities plan to transform a 75,000-square-foot office building in Encino into a residential complex named The Oaks on Balboa. This initiative highlights a trend of repurposing existing structures to address housing shortages.
In the industrial sector, Avison Young negotiated a lease renewal for GPA Logistics at a Class-A industrial facility in Perris, underscoring the ongoing demand for quality logistics spaces in the area.
Lastly, in Huntington Beach, CBRE brokers reported a sale of a 14-unit multifamily property for $8.75 million. This transaction achieved a per-unit sale price of $625,000, setting a new benchmark for similar properties in the city.
As community demand for diverse living and working spaces continues to evolve, the real estate market in Huntington Beach and surrounding areas remains vibrant and competitive.
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Additional Resources
- OC Business Journal: Bascom Group Sale
- YieldPro: England Street
- FM Industry: Sale of Multifamily Properties
- Encyclopedia Britannica: Real Estate
- YieldPro: Yorktown Apartments
Author: STAFF HERE HUNTINGTON BEACH
The Huntington Beach Staff Writer represents the experienced team at HEREHuntingtonBeach.com, your go-to source for actionable local news and information in Huntington Beach, Orange County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Huntington Beach Surf City USA Marathon, the U.S. Open of Surfing, Fourth of July celebrations at the Huntington Beach Pier, and community festivals at Huntington Beach Central Park. Our coverage extends to key organizations like the Huntington Beach Chamber of Commerce and Visit Huntington Beach, plus leading businesses in retail, hospitality, and outdoor recreation that drive the local economy. As part of the broader HERE network, including HEREAnaheim.com, HERECostaMesa.com, HERESantaAna.com, and HERELosAngeles.com, we provide comprehensive, credible insights into Southern California's dynamic landscape.
