A nine-unit apartment building in Hermosa Beach has sold for $4.95 million—$550,000 per unit—marking the highest price per unit for a multifamily asset in Huntington Beach to date, according to the L.A. Business Journal.
The building includes two- and three-bedroom apartments, each around 1,000 square feet. The building is within walking distance of the ocean and Downtown Main Street.
According to the L.A. Business Journal, as of April 2021, multifamily apartment buildings have made up 43 percent of the region’s commercial real estate volume. That’s double the apartment sales than the same time frame last year.