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May 28, 2020
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Private Investor Pays $242k/Unit for Santa Ana Residential Building


NNC Apartment Ventures LLC has acquired Broadway Apartments, a 21-unit multifamily property in Santa Ana, for $5.075 mil ($242k/unit). This is the first time the building has been sold since it was built in 1987.

The property, located at 806 South Broadway, is less than a mile from downtown Santa Ana. It consists of all two-bedroom/two-bath units; eight of which are townhome floorplans. The building also features an on-site laundry facility.

CBRE’s Dan Blackwell represented both the buyer and seller, Broadway Villas, LLC, in the transaction. The buyer is an apartment investment company focused primarily on California.

The property sold ‘as-is’ with no termite and financing contingencies and the buyer committed a substantial non-refundable deposit in a short period of time, according to Blackwell. The buyer plans to update and renovate the asset to take advantage of its excellent design, great location and superior floorplans.

The Orange County multifamily market had one of the lowest vacancy rates in the country at four percent, according to CBRE’s fourth-quarter research report. Numbers for both, the last quarter and the full-year 2016, reflected robust U.S. multifamily investment activity. Acquisitions of multifamily assets reached $45 billion in the three months of 2016, the second-highest quarterly volume since Real Capital Analytics began tracking this metric in 2001.

“Multifamily assets in towns like Santa Ana are in high demand,” said Blackwell. “In particular, properties close to downtown where there is a redevelopment surge and a slew of new restaurants and shops moving in, for example Artist Village for Santa Ana is doing especially well. These thriving areas have experienced a high level of rent growth, which has attracted an increasing number of buyers.”

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