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Costa Mesa Apartments Fetch $157,000 Per Unit

COSTA MESA, CA-The sale of the seven-unit building at 2677 Orange Ave., in escrow for 120 days, underscores the steadily appreciating market for apartments in the Orange County region.

By Bob Howard | Updated on July 17, 2002

COSTA MESA, CA-Orange Avenue 7 bought a seven -unit apartment building at 2677 Orange Ave. in Costa Mesa for $1.1 million from the Charles J. Vaughan 1981 Trust.

The purchase price of $157,143 per unit was set when the building went into escrow 120 days ago, broker Steven Brombal of Hendricks & Partners tells GlobeSt.com, adding that he has recently listed another 7-unit property in the area for just under $200,000 per unit.

The higher-priced property is a bit nicer and is in a bit better location, Brombal says, but some of the difference in asking prices between the two buildings is “sheer market appreciation in the past few months.”

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