PGIM Sells Orange County Asset for $154M
The property previously traded in a $380 million portfolio deal.
H&S Ventures and Waterford Property Co. have acquired Edge Apartments, a 371-unit community in Anaheim, Calif. PGIM sold the asset for $153.6 million, according to public records. CBRE represented the seller.
PGIM acquired Edge as part of a $380 million portfolio deal from JPI in 2021, Yardi Matrix data shows. The other asset in that portfolio deal was Rise, a 376-unit property that PGIM sold to Tishman Speyer for $160 million earlier this month.
The property duo was part of a larger, three-phase project totaling 1,079 units. That third community, dubbed Griffis Platinum Triangle, was recapitalized late last year in a deal including Griffis Residential, MORE Residential and Square Mile Capital, the data provider shows.
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Edge came online in 2019, featuring studio and one- to three-bedroom layouts that average 867 square feet. The five-story community includes more than 31,000 square feet of indoor and outdoor amenity spaces, such as a rooftop terrace, swimming pool, gym, clubhouse and business center.
Located at 1921 S. Union St., the property is inside Orange County’s Platinum Triangle neighborhood, an 820-acre master-planned district that’s anchored by OCVibe, Angel Stadium, Honda Center and the Anaheim Regional Transportation Intermodal Center. Interstate 5 runs less than 1 mile away.
CBRE Executive Vice Presidents Rachel Parsons and Derrek Ostrzyzek, together with First Vice President Mike Murphy, in addition to Associate Kenji Thomas, represented PGIM in the sale.
Orange County multifamily investment clusters around I-5
Orange County multifamily transaction volume clocked in at $262.6 million during 2026’s second quarter, marking a 27.1 percent increase compared to the previous three-month period, according to a CBRE report.
Deal momentum carried well into the third quarter, with investment activity clustering around the I-5 corridor. Last month, TA Realty acquired Zia, a 315-unit asset also in Anaheim, Yardi Matrix data shows. MBK Real Estate sold the community for $147.5 million. In July, Bascom Group acquired Castlewood Park, an 184-unit community in Buena Park, Calif., also near I-5. The asset changed hands for $53.2 million.
