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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