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1/18/24
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Regency Palms, a 310-unit gated multifamily community in Huntington Beach, traded hands in a $127 mil ($410k/unit transaction in one of the largest multifamily transactions in Orange County over the last 12 months. The buyer was an unnamed private local investor out of Orange County.
Located at 6761 Warner Ave, approximately two-and-half miles from the coast, Regency Palms offers a mix of one- and two-bedroom apartment homes housed in two-story residential buildings on a 14-acre site. Community amenities include three swimming pools, outdoor grilling areas, on-site laundry facility, and two gated entrances.
Regency Palms benefits from numerous demand drivers including its highly ranked schools, proximity to Orange County’s world-famous beaches and strong rental demand driven by the high cost of home ownership in Huntington Beach which boasts an average home price of $1.265 mil.
Brett Bayless, Bryan LaBar and Nick Earl with The Mogharebi Group represented the seller, an institutional investment firm which owned the asset for nearly 30 years.
“Private investors are taking advantage of a period of buyer hesitation, with institutional capital either remaining on the sidelines or showing constraint in acquisition valuations,” said Bayless.
“Today’s market dislocation is creating an opportunity for private investors with a longer, often multigenerational, investment horizon and deeper knowledge of local submarkets,” added LaBar. “Transactions such as these can be the early signs of a stabilizing market, and an indication of the long-term demand for Southern California assets.”
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