$4.8-million sale of Cameron Historical Building in Temecula, CA
Temecula, CA – Avison Young announced today that it has brokered the $4.8-million sale of Cameron Historical Building, a mixed-use property in Temecula, CA.
Located in the heart of Old Town Temecula, the fully occupied property includes 24 affordable- housing units and three ground-floor, market-rate retail units.
Avison Young Principal Peter Hauser and Associate Matthew Hauser, who are based in the company’s Irvine office, represented the seller, Cameron Properties Inc., from Covina, CA. The buyer, Murrieta-based Winchester Partners LP, was self-represented.
“The Temecula market continues to remain strong and has garnered a good amount of investor interest as it offers a diversity of housing options, a desirable quality of life with nearby amenities, and is near the 215 and 15 freeways, providing convenient access to adjacent San Diego and Orange counties,” comments Peter Hauser. “With a high demand not only for multi-family product in general, but affordable housing, Cameron Historical Building is poised to provide the new ownership with a steady cash flow and long-term stable investment.”
Built in 2008 and located at 41925 5th Street on just under one half-acre of land, Cameron Historical Building offers its residents the charming amenity-rich retail, dining and business environment of Old Town Temecula. The property is also within walking distance to public transportation, parks and additional shops and restaurants.
Last year proved to be a successful one for Avison Young’s Peter Hauser and Matthew Hauser, with some of the team’s largest Southern California transactions of the third and fourth quarters including:
- The Veranda Apartments, a 128-unit property located at 140 West Hill Ave. in Fullerton, which sold for $35 million;
- The Village at Old Town, a 38-unit property located at 436 East 2nd St. and 380 East 2nd St. in Tustin, which sold for $11.4 million;
- Ridgeline Apartments, a 160-unit property located near California State University, San Bernardino at 1925 West College Ave. in San Bernardino, which sold for $24.25 million
Peter Hauser adds: “The continued shortage of residential supply throughout Southern California, a strengthening economy and growing job market are all factors that point to 2018 as being another year of high occupancies and rental growth for the apartment sector.”
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 82 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.