Grosvenor Americas and Intracorp have sold AmpliFi Apartments, a 290-unit luxury apartment community in Fullerton, Calif., for $168 million, a record for Orange County.
The property, located at 600 W. Commonwealth, was developed in 2019 in partnership between Grosvenor America and Intracorp, under Grosvenor Americas’ Structured Development Finance program. The disposition was the highest price-per-unit sale of a market-rate multifamily community in Orange County, according to Brad Perozzi, president of Intracorp’s Southern California division.
Perozzi said in a prepared statement the record sale reflects the quality of the partnership’s developments. He said the team consistently delivers for-rent and for-sale communities that offer residents modern, luxurious amenities in strategic, transit-oriented locations. The long-term value of AmpliFi Apartments was demonstrated by the rapid lease up of the property through the height of the COVID-19 pandemic, he said. Perozzi noted the development reached stabilization in less than 10 months with an average of more than 30 leases per month.
Intracorp, one of North America’s largest multifamily developers, and Grosvenor Americas, a privately owned international owner and developer, have partnered on projects for more than 20 years. Alex Henderson, senior vice president of co-investment for Grosvenor Americas, said in prepared remarks AmpliFi Apartments aligns with the company’s strategy to invest in walkable, transit-oriented properties with strong local employment opportunities. Henderson said Grosvenor Americas was pleased with the project’s success and looked forward to future co-investments with Intracorp in the United States and Canada.
AmpliFi Apartments is located near the State Routes 91 and 57, and Interstate 5 freeways and within several blocks of Fullerton’s train station. The property is walkable to historic Downtown Fullerton and local restaurants, bars, shops and galleries.
The community consists of studio, one-, two- and three-bedroom floorplans. Amenities include a pool with private cabanas, outdoor fireplaces surrounded by seating areas, outdoor dining, barbecues, three rooftop viewing decks, a dog park and spa. Other features include ground-floor retail, a business center with private offices used by residents who have been working from home during the pandemic, a coffee bar, clubhouse with a chef-inspired kitchen and fitness center.
Grosvenor Americas Fund
In July, Grosvenor Americas was one of three Canadian companies that formed a limited partnership and raised $300 million to invest in residential and mixed-use projects in the California, Vancouver and Washington, D.C., markets. Called the True North III partnership, Nicola Crosby and Kingswood Capital are the other two companies in the partnership.
The $300 million was raised through Grosvenor Americas’ Structured Development Finance program and will be used to provide equity financing to projects in U.S. markets, including Los Angeles and the San Francisco Bay area, that have experienced supply and demand imbalances caused by the pandemic. Projects to be funded will range in size from 50 to 450 units.