LOS ANGELES –– CBRE's LA North multifamily has closed the sale of 860 W. Fifth Street in San Pedro, 5925 Woodland Street in Ventura, and 130 Surfside Drive in Port Hueneme for a total of over 178 units and more than $24M. CBRE's First Vice President, Melinda Russell, represented both the buyer and seller in all three transactions.

“We are experiencing high demand in rarely available, coastal-region apartment homes,” said Russell, First Vice President in CBRE's Universal City Office. “Our clients are pursuing listed and off-market opportunities to improve management and add significant value.”

In San Pedro, the 99-unit Bayside Terrace was purchased from 860 West Fifth Street, LLC for $13,750,000 by an undisclosed high net-worth individual. The buyer assumed Fannie Mae financing to complete the transaction at a cap rate of approximately 4.9 percent. Built in the late 1970's, the property has extensive amenities including: a rec room, pool, spa, fountain, sitting areas, and views of the San Pedro harbor. The project consists of 99 market-rate senior units, which is an under-served market niche for the area.