California

PALM DESERT, CALIF. — CBRE has negotiated the sale of a 10-unit property located at 73435 San Gorgonio Way in Palm Desert’s Palma Village Groves neighborhood. The two-story, 8,360-square-foot building was built in 1988 on 0.6 acres. Units come in two-bedroom layouts and feature a patio or balcony. Amenities include a community pool and garage parking. Dan Blackwell and Andrew Boukather of represented the Los Angeles County-based buyer. The buyer’s identity was not disclosed. The seller was not disclosed.

COSTA MESA, CALIF. — CBRE has arranged the sale of Crestview Apartments, a 19-unit property in Costa Mesa. Crestview Apartments was built in 1957 on 0.5 acres. Dan Blackwell and Mike O’Neill represented the seller in the deal. Blackwell and O’Neill, along with Jack O’Connor, also represented the buyer. Both parties were Orange County-based private investors. Crestview Apartments rises two stories and comprises one 8,931-square-foot building. The value-add property includes in-place RUBS (Ratio Utility Billing System), where tenants pay for water and trash, in addition to being individually metered for …

MODESTO, CALIF. — The Mogharebi Group has negotiated the sale of The Edge at Lakewood Apartments, a 196-unit community in Modesto, 68 miles south of Sacramento. Osso Capital and Graceada Partners purchased the asset for $42.7 million. The Edge at Lakewood Apartments was built in 1985 on 7.6 acres. The property offers one- and two-bedroom units ranging from 598 to 880 square feet in size. Amenites include a fitness center, clubhouse, pool, and covered parking.

HUNTINGTON BEACH, CALIF. — CBRE has brokered the sale of a five-unit community located at 7872 Liberty Drive in Huntington Beach in a 1031 exchange. The property was constructed in 1979 on 0.2 acres. The two-story building offers garage parking and a laundry facility. The seller was a private investor from Huntington Beach. CBRE’s Dan Blackwell and Amanda Fielder represented the San Diego-based 1031-exchange buyer in the transaction.

TORRANCE AND LONG BEACH, CALIF. — CBRE has negotiated the acquisition of five properties in Torrance and Long Beach on behalf of an undisclosed, San Diego-based exchange buyer. CBRE’s Dan Blackwell and Trey Mitchell represented the buyer. The five transactions fulfilled the buyer’s 1031 exchange requirement following the disposition of a 3.8-acre property in Torrance. CBRE’s John Read, Greg Sullivan and Trent Steeves represented the investor in the sale of the asset in Torrance. The five acquired properties were sourced from different private sellers in Southern California. The properties include: