Private investor Patrick Cadigan has purchased a 264-unit, Class A multifamily property in Santa Ana, Calif., for $98 million, according to Yardi Matrix data. The community, Nineteen01, was sold by Lyon Capital Ventures in one of the largest sales in Orange County this year.
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Located at 1901 E. 1st St., the property was developed by Lyon Living and Integral Communities in 2016. The five-story building includes two commercial units in addition to the residential units, which range in size from one to three bedrooms and have an average rent of $2,692 per month, the data shows. Ten of the units are affordable and the community is more than 94 percent occupied.
The homes feature modern finishes, in-unit washers and dryers, oversized tubs and patios and/or balconies. Community amenities include assigned parking, car charging stations, a fitness center, pool, clubhouse and rooftop terrace. The property in central Orange County has easy access to State Route 55 and Interstate 5.
The sale was completed by NorthMarq’s Southern California investment sales team of Senior Vice President/Managing Director Shane Shafer and Managing Director Kyle Pinkalla. Greenwood & McKenzie represented the buyer.
LaTerra Development recently sold The Line at Santa Ana, a 228-unit multifamily community under development at 3630 Westminster Ave., to an unnamed buyer for $101 million. Construction of the project is nearing completion.
