Marcus & Millichap Arranges 4-Property Portfolio Sale
- Mar 20, 2018
An affiliate of Empire USA LLC has acquired a four-property portfolio totaling 214 units in Santa Ana, Calif., for $42.5 million. Marcus & Millichap represented both the buyer and the seller in the transaction.
The four properties are transit-oriented, each located adjacent to a bus stop near Interstate 5, which offers easy access to Los Angeles. Additionally, Irvine is some 10 miles from the properties.
The portfolio includes:
- a 58-unit community at 510 N. Mortimer St., built in 1987;
- a 46-unit community at 510 E. Chestnut Ave., built in 1987;
- The Carlton Apartments, a 74-unit community at 215 E. 15th, built in 1985;
- a 36-unit community at 1717-1721 N. Spurgeon St., built in 1964;
“The portfolio is poised for growth in a city that has been transformed into a dynamic environment that attracts young, well-educated and high-wage-earning residents,” said Mark Bridge, first vice president of investments at Marcus & Millichap, in prepared remarks. “Drawn by more affordable rents that are found in other Orange County cities, new arrivals to Santa Ana enjoy a transit-oriented location near the Pacific Coast that is central to major employment centers. As downtown Santa Ana’s appeal has grown, new retail, dining and entertainment options have opened to cater to the new resident pool.”
Image courtesy of Marcus & Millichap