Age-Restricted Community Sells for $35M

By Evelyn Jozsa

Buena Vida at Town Center

Marcus & Millichap has arranged the sale of Buena Vida at Town Center, a 115-unit, luxury, age-restricted multifamily community in Rancho Santa Margarita, Calif. The property changed hands for $34.8 million, a per-unit price of about $302.000.

At 30824 La Miranda Lane, the property is situated directly across the street from Central Park and Santa Margarita Parkway and one-half mile from California State Route 241. Built in 2006, Buena Vida at Town Center is a three-story apartment building, featuring one- and two-bedroom floor plans. Community amenities include:

• saltwater swimming pool
• spa
• fitness center
• movie theater
• library
• game room
• business center

“Situated within one of the strongest performing submarkets in Orange County, Buena Vida at Town Center enjoys limited competition as it is one of only two age-restricted apartment communities delivered in the area over the last 20 years,” says Tyler Leeson, senior managing director investments at Marcus & Millichap, in prepared remarks.

Leeson, together with First Vice President Investments Alex Mobin, represented the seller, a private investor. The buyer was procured by Leeson, Mobin and David Yeh. Alexander Garcia Jr. and Christopher Zorbas, senior managing directors with Marcus & Millichap’s Institutional Property Advisors division also provided representation, along with Tyler Martin, IPA director, and Marcus & Millichap vice president investments Mathew Kipp.

Image courtesy of Yardi Matrix