IEC Pays $206M for Northeast Orange County Community
The acquisition marks the largest sale ever recorded in the Yorba Linda/Anaheim Hills area.
Interstate Equities Corp. has purchased The Bryant at Yorba Linda, a 400-unit garden-style community in Yorba Linda, Calif., for a record price of $205.5 million. The property last changed ownership in 2015, when Resource REIT acquired the asset from AvalonBay Communities for $118 million, Yardi Matrix data shows.
Northmarq Managing Director Shane Shafer acted on behalf of the buyer. The deal represented the largest deal closed in the first quarter of the year so far and the largest transaction ever recorded in the Yorba Linda/Anaheim Hills area.
Spanning across 22.8 acres, The Bryant at Yorba Linda encompasses 50 buildings with one- and two-bedroom units, with private balconies and patios. Community amenities include a fitness center, a tennis court, a playground, two pools, two spas and laundry facilities, according to the same data provider.
Located at 25550 River Bend Drive, the transit-oriented community is two miles north of State Route 91, connecting it directly to Orange County, Los Angeles and the Inland Empire. Various green areas, including the Green River Golf Club and the Box Canyon Park, are within two and a half miles of the property.
The former owner of the asset recently renovated the 1986-built community, and IEC intends to continue upgrading it.
A sought-after market
In a prepared statement, Shafer said that he expects the Orange County market to hit new investment highs in the future, considering the growing demand for five-star assets in the area. This would follow record sales in 2021 that amounted to $957 million for the first eight months of the year.
The sale of The Bryant at Yorba Linda marks Shafer’s second Orange County transaction in the past 12 months, following last year’s $160 million sale of Jefferson Platinum Triangle, a 400-unit community in Anaheim, Calif.