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Marcus & Millichap Handles $64M Santa Ana MF Sale

Solare Apartments, a 240-unit multifamily asset in Santa Ana, sold for $63.75 million, which translates to a $265,625-per-unit price. The buyer was Irvine-based Advanced Real Estate Services, while the seller was an unnamed a private investor.

Built in 1987 on nine acres near the Riverview Golf Course and the Santa Ana River, the property is easily accessible from the 5, 55 and 22 freeways. The community offers a mix of one-, two- and three-bedroom units, some with renovated interiors and bamboo-vinyl flooring. Community amenities include two swimming pools and a fitness center.

Marcus & Millichap’s Tyler Leeson, and Matthew Kipp represented the buyer.

Leeson says, “Given the very limited velocity of larger apartment buildings selling in 2020, Solare Apartments represents a rare sale within the Orange County market. The asset is well-positioned for the new ownership to further enhance the property and continue to attract affluent renters to the complex.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition
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