By Ariela Moraru
NNC Apartment Ventures LLC has acquired Broadway Apartments in Santa Ana, Calif., for around $5.1 million (about $306 per square foot), one of the highest price-per-square-foot values in the city, according to CBRE. This is the first time the building changed ownership since it was built in 1987. CBRE’s Dan Blackwell represented both the buyer and seller, Broadway Villas LLC, in this transaction.
Located at 806 S. Broadway, the 21-unit property is less than a mile from downtown Santa Ana. The community features two-bedroom and two-bathroom units, eight of which are townhomes, and an on-site laundry facility. The community is in between interstates 5 and 405 and highways 22 and 55. It is also within walking distance of Santa Ana High School and Benjamin Franklin Elementary School. The apartments are two miles from Santa Ana Zoo, where nearby Wermers Properties is bringing a zoo-inspired residential mixed-use project.
“The property sold ‘as-is’ with no termite and financing contingencies and the buyer committed a substantial non-refundable deposit in a short period of time,” said Blackwell in prepared remarks. “The buyer plans to update and renovate the asset to take advantage of its excellent design, great location and superior floorplans.”
The Orange County multifamily market had one of the nation’s lowest vacancy rates at four percent, according to CBRE’s fourth-quarter research report.
“Multifamily assets in towns like Santa Ana are in high demand,” said Blackwell in a prepared statement. “In particular, properties close to downtown where there is a redevelopment surge and a slew of new restaurants and shops moving in, for example Artist Village for Santa Ana is doing especially well. These thriving areas have experienced a high level of rent growth, which has attracted an increasing number of buyers.”
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