Costa Mesa Multifamily Changes Hands for Value-Add Repositioning

Costa Mesa Multifamily Changes Hands for Value-Add Repositioning
News| July 29, 2026| Paul Bubny
California & West + Apartment Buildings

Marcus & Millichap finalized the sale of 1990 Maple Ave., a 41-unit multifamily property in Costa Mesa. The property sold for $16.9 million or $412,195 per unit, approximately $550,000 above the property’s 2018 selling price.

“Sundance West Apartment Homes presented a rare opportunity to acquire a low-density multifamily community in one of Orange County’s most supply-constrained rental markets,” said Matthew Kipp, senior managing director investments. “The property’s unique concentration of two- and three-bedroom floor plans and the meaningful capital improvements completed by prior ownership, including electrical upgrades and roof replacements, attracted significant investor interest. The competitive bidding environment allowed the seller to look beyond price alone and select a buyer whose local experience provided the highest confidence in execution.”

Kipp and Tyler Leeson, executive managing director investments, in Marcus & Millichap’s Orange County office, marketed the property on behalf of the seller, a local family, exchanging out-of-state to reduce hands-on management, and procured the buyer, a professional investor acquiring for value-add repositioning.

If you’re reading about the multifamily industry, you should be in the room with its leaders. Connect Apartments brings together the executives featured in Connect CRE’s coverage for an afternoon of high-level insights and unmatched networking on September 22 at The Biltmore in LA.

Other News

Levin Johnston Closes Apartment Sale in One of San Jose’s Strongest Submarkets

California & West + Apartment Buildings

 Levin Johnston of Marcus & Millichap recently completed the sale of First Street Manor, a 39-unit apartment community in San Jose. Executive managing directors Adam Levin and Robert Johnston, along with senior director, investments Cole Simpson, represented the seller and procured the buyer in the $9.112-million transaction. The Levin Johnston team demonstrated the asset’s upside...

Learn more

Associated Bank Completes $17M Loan for Libertyville Apartment Acquisition

Chicago & Midwest + Apartment Buildings

Associated Bank announced the completion of a $16.5 million loan towards the $22 million total acquisition price of Eleven5 Lake Apartments at 115 Lake Street in Libertyville, Illinois. The property is a stabilized mixed-use property with 34 apartment units with 41 dedicated apartment parking spaces, and 25,147 square feet of ground-floor commercial space. The apartments...

Learn more

NYC Investment Sales Top $23 Billion in First Three Quarters of 2026

New York & Tri-State + Apartment Buildings

New York City investment sales reached $23.69 billion across 1,914 transactions in the first three quarters of 2026, up 9.1% and 7.9%, respectively, from a year earlier, Ariel Property Advisors reported. The year’s first half was especially strong, with dollar volume up 36% in Q1 and 31% in Q2, year-over-year. However, dollar volume in Q3...

Learn more
New call-to-action

Brokers

View All

Lenders

View All

Management

View All
Login
or
Sign up