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11/30/22
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Irvine-based Advanced Real Estate has acquired Foxborough Apartments, a 90-unit multifamily complex in the city of Orange, in a $41.5 mil ($461k/unit) transaction. The property, located at 501 E. Katella Ave, was sold by UDR.
Advanced Real Estate plans to rebrand the property as ‘Grove House.’ “The name is a nod to the agricultural history of the area, which used to be covered with orange groves,” said Richard Julian, CEO of Advanced. “This is a strategic purchase for us as the property is located one block from a very similar complex we have owned for about 20 years. With this acquisition, we will be able to enjoy operational efficiencies between the two properties.”
Built in 1964 on seven-plus acres, Foxborough is a 23-building, garden-style asset with garage parking, two swimming pools, a fitness center, storage space and a grilling area. Apartments average 1.2k sf in size and have woodburning fireplaces, dishwashers, washers, and dryers.
As part of the rebranding, Advanced has plans for extensive additions and renovations, including adding central air conditioning, new windows, new cabinetry, flooring, appliances, large fenced-in patios, upgraded landscaping, a modern paint scheme, signage and pool enhancements.
Located 10 minutes from Downtown Anaheim, the property is close to Interstate 5, California State Routes 22, 91, and 57/the Orange Freeway, which give residents access to over 150 msf of office space within a 30-minute commute. The property is less than two miles from the recently approved ocV!BE, a $4 bil redevelopment around the Honda Center, home to the Anaheim Ducks professional hockey team.
Kevin Green, Joseph Grabiec and Greg Harris with Institutional Property Advisors represented the seller and procured the buyer. According to Green, the asset has a unique composition of spacious, single-story, two-bedroom apartments that are comparable to single-family residences.
“Perpetually undersupplied with middle-market rental housing, Orange County’s multifamily fundamentals include an average vacancy rate of 2% over the past five years, which is one of the lowest in the Western United States,” commented Green. “Looking ahead, the county is projected to average 3.9% year-over-year rent growth over the next five years while maintaining 3.5% average vacancy.”
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