OC Multifamily’s Limited Supply Piques Investor Interest

The Orange County apartment market continues to experience limited supply of inventory and continued strong investor demand, according to brokers associated with a recent multifamily sale. Sunrise Apartment Homes, a 56-unit multifamily property located at 8462 Whitaker St. in Buena Park, sold to an Orange County-based private investor for $16.22 million.

Avison Young principal Peter Hauser and associate Matt Hauser, who are both located in the firm’s Irvine office, represented the seller, an Orange County-based family partnership. The buyer was represented by Mark Bridge of Cushman & Wakefield. The closing cap rate was 3.2 percent.

“Sunrise’s current rent structure is low in relation to market rental rates. This will enable the new ownership to increase rents slowly over time in conjunction with the current rent control guidelines,” said Peter Hauser. “Additionally, the buyer plans on making renovations in order to enhance the living environment for the residents.”

Built in 1977, Sunrise Apartment Homes features a mix of one- and two-bedroom floor plans. Sunrise is located on approximately 2 acres near the 5 freeway, and a short distance to Knotts Berry Farm, Knotts Soak City, Disneyland and downtown Buena Park.