Stewart Weston
HUNTINGTON BEACH, CA—In a region where many multifamily owners held onto properties for a long time before selling, there's now a huge opportunity in renovating class-B properties to appeal to people seeking the new Huntington Beach lifestyle, IPA executive director Stewart Weston and Marcus & Millichap's first VP investments Joe Berkson and tell GlobeSt.com. As we recently reported, the two executives, along with IPA senior directors Christopher Zorbas and Alexander Garcia, Jr., director David Sperling and associate director John Montakab, recently represented the seller and procured buyer Saratoga Capital Inc. for the sale of Casa Monterrey, a 208-unit apartment community here. The $60.25-million sales price equates to nearly $290,000 per unit. A true generational investment opportunity, the asset had been owned and operated by a local family office since 1974.
We spoke exclusively with Berkson and Weston about the Huntington Beach multifamily-investment market and how developers, lenders and investors are viewing this market.
GlobeSt.com: How would you characterize the Huntington Beach multifamily-investment market?
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
