Santa Ana Asset Trades for $20M

Marcus & Millichap announced the sale of Sherry Lane Garden Homes. The 62-unit apartment traded for $19.8 million.

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Sherry Lane Garden Homes

Sherry Lane Garden Homes, a 62-unit, single-story community  in Santa Ana, Calif., changed hands for $19.8 million, or more than $320,000 per unit. The buyer, Montgomery Partners, was procured by Marcus & Millichap, which also represented the seller.

“Sherry Lane Garden Homes is one of the lowest-density apartment complexes in Orange County,” said Joseph Berkson, senior vice president investments of Marcus & Millichap, in a prepared statement. “Few other apartment communities in the region can compete with this property for tenants who wish to live in a quiet environment near Irvine with rental units that feel more like private homes than apartments.”  The county’s multifamily sector is being influenced by much-discussed demographic shifts

The property is located at 1920 Sherry Lane, in the Tustin School District, near the 5, 22 and 55 freeways. Built in 1964, Sherry Lane Garden Homes occupies 6.3 acres, with a density of about 10 units per acre. The 1,080-square-foot, two-bedroom units feature double-door entries and large private backyards.

Community amenities include:

  • park-like setting
  • swimming pool, tanning deck and cabana
  • laundry facilities
  • water, sewer and trash service provided by owner

Image courtesy of Marcus & Millichap