COSTA MESA, CALIF. — Marcus & Millichap has negotiated the sale of Vio Costa Mesa, a multifamily property located in Costa Mesa. An undisclosed buyer acquired the property for $28 million in a 1031 exchange.
Tyler Leeson, Kurt Hediger and Matt Kipp of Marcus & Millichap represented the buyer and arranged the sale of a 54-unit apartment asset in Westminster, Calif., in phase one of the exchange. Additionally, Michael Derk and Nick Gray of Marcus & Millichap Capital Corp. arranged $14.7 million in acquisition financing for the purchase of Vio Costa Mesa. The debt placement was structured on a nonrecourse basis with four years of interest-only payments and a $2 million post-closing earnout.
Built in 1973, Vio Costa Mesa is currently under renovation and was sold in as-is condition after a 14-day due diligence period. The property features 84 apartment units.