AmpliFi’s $168M Sale Sets Price Per Unit Record in OC

Grosvenor Americas and Intracorp recently sold AmpliFi Apartments, a 290-unit apartment community at 600 West Commonwealth in Fullerton. The property was acquired by Nuveen Real Estate for $168 million, the highest price-per-unit sale of a market-rate multifamily community in Orange County, according to Brad Perozzi, president of Intracorp’s Southern California division.

The property was developed in partnership between Intracorp and Grosvenor Americas under its structured development finance program, according to Perozzi. He says the long-term value of the 2019-built property was quickly demonstrated with a rapid lease-up through the height of the pandemic.

“While we could not have anticipated that the initial leasing of the property would occur during an unprecedented pandemic, AmpliFi meeting our core demographic is the best development execution I have witnessed in 25 years,” explains Perozzi. “The community reached stabilization in less than 10 months, with an average of more than 30 leases per month.”

Amenities include a fitness center, pool, spa and cabanas, coffee and social lounges, rooftop decks and a bark park.

“AmpliFi aligns perfectly with our strategy to invest in walkable transit-oriented properties with strong local employment opportunities,” says Alex Henderson, senior vice president of co-investment for Grosvenor Americas.