Marcus & Millichap Brokers $64M Orange County Sale
- Dec 07, 2020
Marcus & Millichap has arranged the $63.8 million sale of Solare Apartments, a 240-unit community in Santa Ana, Calif. Senior Managing Director Tyler Leeson and First Vice President Matthew Kipp assisted the buyer, Advanced Real Estate Services. A private investor sold the property.
As part of the deal, the new owner assumed a $37.4 million CMBS loan. The note has a 4.2 percent fixed interest rate and matures in 2025, according to Yardi Matrix data. The asset previously changed hands in 2016, when FPA Multifamily sold it for $60.4 million.
Located on 9 acres at 2111 W. 17th St., the community encompasses 10 buildings completed in 1987. The unit mix has one- and two-bedroom floorplans between 671 and 841 square feet. Amenities include a spa, two pools, three laundry facilities and a gym. The new owner has rebranded the property as River House Apartments.
Situated close to Riverview Golf Course, the community is within 2.5 miles of Simon Property Group’s 867,000-square-foot The Outlets at Orange shopping center. The property is 32 miles southeast of downtown Los Angeles.
In September, Advanced Real Estate Services secured a refinancing package totaling $240.4 million for a six-property portfolio encompassing 1,223 units in Southern California. NorthMarq facilitated the Fannie Mae and Freddie Mac loans.