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October 18, 2019
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ORANGE COUNTY NEWS
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Private Investor Buys 70-Unit OC Apartment Asset

6/02/17

In a recent OC multifamily sale comp, a local private investor paid $13.8 mil for The Regent, a 70-unit property located at 1111 West Santa Ana Blvd, north of 1st St and west of I-5 in Santa Ana.

The asset was sold by an investor who purchased the property last April and renovated it to sell at a profit. The buyer plans to continue the renovation plan, and should be able to realize rent increases of about 30% once the property is stabilized.

Built in 1986, the site is within walking distance to Santa Ana’s Artists Village and Downtown, with easy access to the 5 and 55 Freeways. The property features seven studio units, five junior one-bedroom/one-bathroom apartments, 28 regular one-bedroom/one-bathroom and 30 two-bedroom/two-bathroom units.

CBRE’s Priscilla Nee and Dan Blackwell represented the buyer and the seller in the transaction.

Santa Ana is one of Orange County’s strongest rental markets. As the second most populous city in the county, it boasts a strong commercial presence, which supports a high rental demand. Overall, the Orange County multifamily market had one of the lowest vacancy rates in the country at 4% at the end of last year, according to CBRE research. Acquisitions of multifamily assets reached $45 billion in the last three months of 2016, the second-highest quarterly volume since Real Capital Analytics began tracking this metric in 2001.





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