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3/16/18
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In a notable residential buy out of Orange County, an affiliate of Empire USA LLC purchased a four-property, 214-unit multifamily portfolio in Santa Ana. The properties sold for a total of $42.5 mil, which equates to more than $198k per unit.
The properties are:
• 510 North Mortimer Street, 58 units, built in 1987
• 510 East Chestnut Avenue., 46 units, built in 1987
• The Carlton Apartments, 215 East 15th St., 74 units, built in 1985
• 1717-1721 N. Spurgeon Street., 36 units built in 1964
“The portfolio is poised for growth in a city that has been transformed into a dynamic environment that attracts young, well-educated and high-wage-earning residents,” says Mark Bridge with Marcus & Millichap’s Newport Beach office. “Drawn by more affordable rents than are found in other Orange County cities, new arrivals to Santa Ana enjoy a transit-oriented location near the Pacific Coast that is central to major employment centers. As downtown Santa Ana’s appeal has grown, new retail, dining, and entertainment options have opened to cater to the new resident pool.”
Bridge represented the buyer in the transaction. Stephen Soqui, also with M&M, repped the seller. M&M’s Shane Ryan McConnell also provided additional representation in the sale of the property at 1717-1721 N. Spurgeon St.
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