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12/11/20
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Advanced Real Estate Services purchased Solare Apartments, a 240-unit multifamily asset in Santa Ana, for $63.75 mil, which works out to $265.6k per unit. The property, located at 2111 W 17th St, was sold by a private investor.
Built in 1987, Solare offers a mix of one-, two-, and three-bedroom floor plans. The apartments include renovated interiors with bamboo vinyl flooring and two-tone paint. Units feature high-quality appliance packages, private balconies and patios. Community amenities include two sparkling swimming pools and an on-site fitness center.
Situated on nine acres near the Riverview Golf Course and the Santa Ana River, the property is easily accessible from I-5 and State Routes 55 and 22. Shopping is close by at the Main Place Mall and The Outlets of Orange, and Santa Ana College, Chapman University and Coastline Community College are all nearby. Disneyland and Knotts Berry Farm are within a short drive.
Stewart Weston, Dean Zander and John Montakab with CBRE, along with Tyler Leeson and Matthew Kipp with Marcus & Millichap, represented the buyer in the deal. According to Leeson, the complex is well-positioned for the new ownership to further enhance to continue to attracting affluent renters.
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