Newport Real Estate Buys Orange County Community

Priya Living and Harbert Management Corp. have sold Cypress Village Apartments, an 88-unit community in Buena Park, Calif., an Orange County submarket, for $34.4 million.

Newport Real Estate Partners was the buyer, according to public records. The company used a $19.7 million acquisition loan from Voya Financial. Northmarq represented the seller and arranged the financing.

The asset last traded in December 2018, when the joint venture acquired the property for $28.9 million through Harbert United States Real Estate Fund V, Yardi Matrix data shows. The previous owner took out a $26 million loan originated by Värde Partners for the acquisition.

Built in 1963, the community underwent a renovation program last year. At the time of sale, the property was 95.5 percent occupied. Rebranded as Eden on Lincoln, the community consists of 22 single-story residential buildings spread across 5 acres.

Units are available in a two-bedroom layout measuring 920 square feet and featuring private balconies or patios, washers and dryers. Common-area amenities include a swimming pool, a fitness center, courtyard and barbecue areas, a clubhouse, as well as laundry facilities and some 160 parking spaces.

The cottage-style property is at 6343 Lincoln Ave., less than a mile from the Buena Park Marketplace and Lincoln Valley View shopping centers, as well as Cypress College. Downtown Los Angeles is within 23 miles, while Los Angeles International Airport is 29 miles northwest.

Northmarq Managing Director Shane Shafer brokered the deal. The firm’s Debt + Equity team that arranged the financing was led by Managing Director Nate Prouty and Vice Presidents Briana Harney DeHaan, Andrew Deaver and Soraya Rios.

Fewer multifamily sales in the O.C.

According to Yardi Matrix data, the Orange County multifamily market saw 15 communities—totaling nearly 4,100 units— trade last year for a combined $968 million. This represents a steep decline from the 23 properties—totaling 4,280 apartments—that changed hands in 2022 for $1.7 billion. The average price per unit also decreased, from $446,251 in 2022 to $325,230 in 2023.