2 luxury apartment complexes in North OC sell for $ 350 million combined – Orange County Register
The investor frenzy for apartment complexes continues in Orange County with two large northern county communities selling in recent weeks for a combined $ 350 million.
In La Habra, a 335-unit apartment complex was sold for $ 182.5 million, or nearly $ 545,000 per unit, to GID, an Atlanta-based investor.
Valentia Apartment Homes on Beach Boulevard was sold by a joint venture between Northwestern Mutual and Fairfield Residential. This company was represented by Voit Real Estate Services.
“The high price and the quick close of this sale is a testament to the health of the northern Orange County market,” said Joe Leon, senior vice president at Voit.
Rents at the complex range from $ 2,800 to $ 3,600 per month, depending on the apartment. com.
Investors quickly bought apartment communities in Southern California as rents rose during the pandemic. Demand for these properties jumped 34% to 1,721 deals in Los Angeles, Orange, Riverside and San Bernardino counties in the first nine months of 2021, according to data from CoStar.
The La Habra complex at 951 S. Beach Blvd. was completed in 2017, the newest of its kind in the city, according to Leon.
Facilities include 24-hour fitness center, private workout studio; charging stations for electric vehicles, outdoor entertainment areas with fire tables and cabanas near a swimming pool and spa.
In Fullerton, a resort that debuted earlier this year traded for $ 168 million, or about $ 579,000 per unit.
Intracorp, a developer of multi-family complexes, has sold the 290 AmpliFi apartments at 600 West Commonwealth to Nuveen Real Estate in Chicago.
“While we could not have predicted that the initial rental of the property would occur during an unprecedented pandemic, AmpliFi successfully responding to our base population is the best development execution I have witnessed in 25 years.” said Brad Perozzi, president of Intracorp’s Southern California division. . âThe community stabilized in less than 10 months, with an average of over 30 leases per month.
The property was developed as part of a partnership between Intracorp and the investor Grosvenor Americas.
AmpliFi, which is within walking distance of historic downtown Fullerton, offers studio, one, two and three bedroom floor plans with rents that start at $ 2,800 per month and run up to $ 4,300, according to Apartments.com.
Facilities include a swimming pool with cabanas, outdoor fire pits with seating, alfresco dining, barbecues, a ground floor store and business center with private offices, coffee bar, club -house with kitchen, fitness center, three rooftop observation decks, dog park and spa.
SA row apartments sell for $ 7.5 million
Park Town Luxury Townhomes, a 20,525 square foot, 19 unit apartment complex in Santa Ana, sold for $ 7.5 million or $ 395,000 per unit, according to brokerage Marcus & Millichap.
Greg Bassirpou of the Marcus & Millichap office in Newport Beach represented an unidentified salesperson.
“The seller was able to maximize value by carrying out major interior and exterior renovations and stabilizing rents,” according to Bassirpou.
The buyer has not been identified.
CM apartments sell for $ 2.25 million
Joann Street Apartments, a 5,962 square foot six-unit apartment complex in Costa Mesa, sold for $ 2,225,000 or $ 370,833 per unit, according to Marcus & Millichap’s Newport Beach office.
Greg Bassirpou represented the buyers, a group of unidentified local investors.
Anduril headquarters in Irvine sells for $ 103 million
The former St. Johns Knits base, now leased to Anduril Industries in Irvine, was sold to IRA Capital, a private equity firm, for $ 103 million.
LBA Realty was the seller of the campus office at 2722 Michelson Drive, according to data from CommercialEdge.
Originally built as an industrial building in 1977, the building was for many years the headquarters of St. John Knits. LBA bought the property in 2017 and spent $ 30 million to convert it to a Class A office building with 155,000 square feet.
Anduril, a defense contractor founded by Oculus founder Palmer Luckey, has been the sole tenant since 2019. The company has leased the former Los Angeles Times printing house in Costa Mesa, which is undergoing renovations to accommodate to Anduril’s needs.
Hanley announces $ 10.5 million sale to Lake Elsinore
Hanley Investment Group Real Estate Advisors, based in Corona Del Mar, arranged the sale of a single-tenant net leased property occupied by Walgreens in Lake Elsinore for $ 10.5 million.
The seller was Diamond Properties in Foster City. The unidentified buyer was described as “based in Irvine” and was represented by Oliver Wang of RE / MAX Premier Properties in Arcadia.
âWe generated eight qualified offers in the first two weeks of marketing this asset,â said Jeremy McChesney of Hanley. “We searched for a fully cash-based Southern California 1031 exchange buyer through a cooperating broker and closed at 94% of asking price.”
The 13,676 square foot building was completed in 2011 and spans 1.36 acres at 160 Diamond Drive. According to McChesney, Walgreens had a long-term absolute triple net lease.
BP hotel sells for $ 21.5 million as part of Chapter 11 reorganization
The 200-unit Radisson Suites Hotel in Buena Park sold for $ 21.5 million or $ 107,500 per room and was renamed the Buena Park Grand Hotel and Suites.
The buyer was BPH Group LLC, a newly formed investment group that purchased other Southern California hotel assets, according to Reeco and Roberts Hospitality. Brokerage Irvine represented the seller, Golden Capital Ventures, who acquired the hotel in 2015.
Golden Capital Ventures filed for a Chapter 11 reorganization in 2020, resulting in the sale of the hotel.
Reeco brokers have said the property will undergo major renovations over the next year, including another name change under the flag of a hotel franchise.
The hotel, once the upgrades are complete, will be managed by Aimbridge Hospitality.
Anaheim building sells for $ 5.2 million
A 14,613-square-foot office building at 4001 E. La Palma in Anaheim for $ 5.2 million, according to Lee & Associates at Orange.
Johnny Eubanks, director of the Lee & Associates Orange office, represented the unidentified buyer.
Industrial property in Anaheim sells for $ 6.5 million
An industrial property located at 1030-1040 N. Armando St. in Anaheim has been sold to Alemi Properties for $ 6.5 million, according to CBRE.
Keith Greer, Ben Seybold and Sean Ward of CBRE represented the unidentified vendor.
The team also negotiated the sale of a 16,658 square foot industrial property at 22725 Old Canal Road in Yorba Linda to Geminis Property Development for $ 4.98 million.
The CBRE team also represented the unidentified buyer in the transaction.
Holly Maddalena had been promoted to vice president of community management at FirstService Residential, an Irvine-based community management company. She has 15 years of community management experience and most recently served as the Executive Director of Great Park Neighborhoods in Irvine.
$ 29,000 raised for non-profit organizations
Fullerton’s Century 21 Discovery real estate company donated $ 29,000 to local charities as part of its 26th annual charity event.
Recipient charities for 2021 are Boys and Girls Clubs of Fullerton, Fullerton Cares Autism, Meals on Wheels of Fullerton, National Giving Alliance Fullerton, Providence St. Jude Memorial Foundation, Tara’s Chance and Women’s Transitional Living Center.
The Celebrate Giving with CENTURY 21 Discovery dinner and auction has raised over $ 425,000 for Orange County charities since its inception.
For more information on the foundation, visit discoverycharityfoundation.org.
Movember’s mustaches make $ 32,000
Hanley Investment Group Real Estate Advisors, based in Corona Del Mar, raised $ 31,931 during their Movember 2021 campaign.
This year’s campaign was dedicated to âSave a Father, Son, Brother and Loved Oneâ and marked the 11th consecutive year the company’s mustache grew in November to raise awareness and fundraise for cancer of the breast. prostate, testicular cancer, mental health and suicide prevention.
The company has raised more than $ 300,000 since 2011.
âHelping raise funds and raise awareness of men’s health projects around the world is a great way for us to honor men like my father who passed away too young,â said Ed Hanley, chairman of Hanley Investment Group. âThis is a cause that is very important to me and our business, and I am very grateful to everyone who supported this effort and made a donation. “
Real estate transactions, leases and new projects, industry hires, new businesses and upcoming events are compiled from press releases from editor Karen Levin. Email high-resolution articles and photos to Business Editor Samantha Gowen at [email protected] Please allow at least a week for publication. All elements are subject to change for clarity and length.