RIZE Irvine Luxury High Rise Trades for Record $190M
CBRE has negotiated the sale of luxury multifamily community RIZE Irvine, a recently-built, 363-unit mid-rise complex in Irvine, CA. Sierra Village Associates purchased the property for $190 million, which is the largest single-asset multifamily sale in Orange County since 2016, according to CBRE.
Located on Von Karman Avenue, RIZE Irvine offers high-end community amenities including a two-story fitness club, multimedia iCafe, a central plaza with pool and cabanas and private 5th floor deck. In unit features include nine-foot ceilings oversized walk-in closets and Whirlpool stainless steel appliances.
“RIZE Irvine is a luxury community thoughtfully curated with ultra-modern interiors and amenities catering to affluent residents. The average household income is nearly 25% higher than the city of Irvine,” said CBRE’s Dean Zander who represented the seller, an affiliate of Fairfield Residential. CBRE’s Stewart Weston also represented the seller and the firm’s Troy Tegeler, Ryan Greer, Trevor Breaux and CJ Connolly arranged the financing.