A multifamily property in Laguna Beach, California, has been sold for $9 million, marking a notable $1.1 million per unit. Pacifica Cos., a San Diego-based developer, acquired the eight-unit building from Avant Real Estate, a Vernon-based developer. This sale represents the highest per-unit price for a multifamily property in Orange County since 2022.
Located at 2442 South Coast Highway, the 9,364-square-foot building, originally constructed in 1964 and renovated in 2009, features two-bedroom units averaging over 1,100 square feet. The three-story property boasts views of the Pacific Ocean and was fully leased at the time of sale.
Peter Hauser, Senior Vice President at Northmarq, which brokered the sale, commented, “The sale of 2442 South Coast Highway highlights the strong buyer demand in Orange County’s coastal markets.”
Avant Real Estate had purchased the property in 2022 for $8.67 million from a private investor.
SOURCE: CoStar Research
