Santa Ana Asset Acquired Following Successful Lien Removal
- May 09, 2016
Santa Ana, Calif.—The Orange County multifamily market continues to thrive, prompting investors to establish a presence in the area. A partnership associated with Landmark Realty & Property Management paid $10.8 million for a Santa Ana residential property in an off-market transaction.
The buyer worked with Lee & Associates – LA North/Ventura Associate Patrick Jameson during the completion of the acquisition process. Seller Continental Asset Management was represented by Insite Ivestment Realty broker Mike Marcu.
Located in the Flower Park area of the city, the 70-unit asset is now under the ownership of Santa Anita Prop. The new owner reportedly saw “tremendous upside to this asset,” Jameson said in a prepared statement, but in order for the deal to be completed, a lien on the property had to be removed. The lien was related to balconies on the building’s sides that were reportedly classified as uninhabitable.
According to the official statement, rents at the community are roughly a quarter below the area’s average values. Now the new owner is looking to improve the property in order to boost the asset’s performance.
Image courtesy of lee-associates.com