South OC Community Trades for $93M

TH Real Estate is the new owner of Avana San Clemente, a 250-unit property. The 17-building asset last traded three years ago.
Avana San Clemente
Avana San Clemente

TH Real Estate has purchased Avana San Clemente, a 250-unit community in Orange County, Calif. According to Yardi Matrix data, LivCor sold the 1986-built asset for $92.5 million, or $370,000 per unit.

Located at 1100 Calle Del Cerro in San Clemente, Calif., the property provides easy access to Interstate 5 and is roughly halfway between San Diego and Los Angeles. Previously known as Whispering Winds, the community features one- and two-bedroom units averaging 841 square feet. Amenities include:

  • fitness center
  • clubhouse
  • swimming pool
  • spa
  • basketball court
  • 510 parking spaces

The 17-building property last traded in 2015, when LivCor acquired it from Greystar for $31 million, or $123,970 per unit. The sale was subject to a $48.4 million loan held by Fannie Mae.

TH Real Estate is also active in the student housing market. In May, in a joint venture with The Preiss Co., the company acquired a 472-bed community in Bloomington, Ind.

Image courtesy of Yardi Matrix