968 Mission Acquisition and Business Plan
968 Mission, Costa Mesa
On August 31st, 2021, Marterra and its partners closed on a 4-unit multifamily property at 968 Mission in Costa Mesa. The property was procured off-market for an attractive purchase price of $1.55M. The property consists of a 3 bedroom townhome, a 2 bedroom townhome, and 1 bedroom flat and a studio on a 10,890 square foot lot. The property was purchased with a sub 3% interest only loan from First Republic.
Below is a satellite image of of the property and the excess land, followed by a schematic drawing of the two additional units.
The plans and permits are currently in process and the new units are expected to be delivered in late 2023.
This acquisition adds to Marterra's significant presence in the neighborhood of Mesa del Mar.
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