AmpliFi Apartments’ $168M Price Tag is Highest Per-Unit Sale
Multifamily developer Intracorp recently sold AmpliFi Apartments, a 290-unit apartment community located at 600 West Commonwealth in Fullerton. The property was purchased 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. Perozzi adds that the long-term value of the 2019-built property was quickly demonstrated with a rapid lease-up through the height of the COVID-19 pandemic.
“While we could not have anticipated that the initial leasing of the property would occur during an unprecedented pandemic, AmpliFi successfully meeting our core demographic is the best development execution I have witnessed in 25 years,” he says. “The community reached stabilization in less than 10 months with an average of more than 30 leases per month.”
- ◦Sale/Acquisition