COSTA MESA, CALIF. — CBRE has arranged the sale of Hamilton Cove, a 15-unit community located at 560 Hamilton Street in Costa Mesa, roughly 17 miles south of Anaheim. The asset traded hands for $5.6 million.
Dan Blackwell, Mike O’Neill and Jack O’Connor of CBRE Multifamily SoCal Team represented the buyer and the seller in the deal. Both parties were based in Newport Beach and repeat clients of CBRE. The sale marks the team’s eighth transaction in Costa Mesa in the past year.
Built in 1964, Hamilton Cove comprises 9,372 square feet across two stories. The unit mix includes 12 one-bedroom and one two-bedroom apartments, as well as two one-bedroom accessory dwelling units. Units feature walk-in closets, in-unit washers and dryers, stainless steel appliances, mini-split AC systems and oak flooring.
The property also includes a common patio area, drought-resistant landscaping, nine single-car garages and 13 open parking spaces. The property is individually metered for electricity.
Hamilton Cove was recently updated with a full re-piping of the property, the installation of tankless water heaters and new electrical systems. Additional renovations included new paint, drought-resistant landscaping, new garage doors, upgraded concrete in the parking lot and new railings, fencing, hardscaping and lighting.
Additionally, the kitchen in each unit was completely remodeled. Bathrooms received new tile flooring, showers, vanities and fixtures. Other updates included recessed lighting, new windows and new doors throughout the apartments.