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9/19/23
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TruAmerica Multifamily purchased Nineteen01, a 264-unit apartment asset in Santa Ana, in a $102.9 mil ($390k/unit) transaction. The Class A property, which was acquired in partnership with PCCP LLC at a significant discount to replacement cost, includes a three- and five-story wrap building that was developed in 2016.
The property, located at 1901 E. 1st St, between I-5 and the 55 Fwy, includes an attractive unit mix comprised of one- to three-bedroom apartments. The apartments offer open-concept floor plans and an impressive average unit size of 1k sf.
All the homes feature fully appointed kitchens, full-size washers and dryers, private patios or balconies, spacious walk-in closets, and ceiling fans. Nineteen01 also features a broad array of community amenities, which include a rooftop resort-style pool area with spa, a fully equipped, 24/7 accessed fitness center, business center, cyber café, private conference room, dog park, game room, package system, communal fire pit, outdoor grilling areas, and community green spaces.
The property is near Santa Ana College, the largest community college in California, and is in the heart of the area’s employment hub, near multiple hospitals and medical centers, such as Children’s Hospital of Orange County (CHOC) and St. Joseph Hospital, which employ more than 10,000 people. In addition, Nineteen01 is surrounded by a collection of some 20 restaurants, bars, and shops that patrons of all ages enjoy year-round. Additionally, the property is less than five miles from Costa Mesa and only a 10-minute drive to Newport Beach.
Robert E. Hart, founder, CEO, and president of TruAmerica, noted, “We believe the addition of Nineteen01 to our multifamily portfolio comes at a perfect time. The city of Santa Ana is undergoing significant revitalization, including the development of the nearby Santa Ana Regional Transportation Center, a planned streetcar system, and a proposed state-of-the-art soccer stadium. We believe this property fits nicely with the city’s plans for the future.”
Shane Shafer of NorthMarq brokered the transaction.
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