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HUNTINGTON BEACH, CA-The new owner of a 76-unit apartment complex plans to take his prize and follow the condo-conversion trend. Mission Viejo-based Las Brisas HB LLC bought the complex from Life of Hermosa Beach for more than $28.1 million, according to Peter Hauser of the Newport Beach office of Hendricks & Partners, who negotiated the sale.
A subdivision map was already in place at the Las Brisas complex, at 7981 Bay Dr., less than a mile from the beach, at the time of the sale. The buyer plans extensive improvements, including the addition of a waterscape to the entrance of the property, along with a new pool, spa and clubhouse, according to Hauser.
The conversion of the Las Brisas is the latest in a continuing redevelopment of a number of property types into residential condominiums in Orange County, which has one of the nation's strongest demands for housing. Not only apartments but also commercial and industrial property is being turned into condos, notes a recent report by Hendricks & Partners that says "The transformation of commercial/industrial space to multifamily product has accelerated within Orange County."
The nearby City of Costa Mesa, for example, has approved a plan for a 600-acre area in the city's Westside to convert nearly 1.5 million sf of existing industrial space into 4,000 multifamily units over the next 20 years. Hauser comments that the Las Brisas units should command strong prices, given the demand for housing in the county, where the apartment market remains strong as well.
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