TA Realty has acquired the 368-unit Seacrest Apartment Homes in San Clemente, Calif., for $137.7 million, according to Yardi Matrix data. CBRE worked on behalf of Western National Group, the seller of the property. Seacrest last traded in 2011 for $95.4 million.
Located at 240 Avenida Vista Montana in South Orange County, Seacrest is within 5 miles of several beaches, golf courses and coastal trails. The 1988-built asset consists of one- and two-bedroom floorplans and features a clubhouse, business center, ocean views, two swimming pools, three spas, picnic areas and an open-air fitness center.
“Seacrest Apartment Homes represents the largest trade for a multifamily property in Orange County this year,” Stewart Weston, executive vice president with CBRE, said in a prepared statement. ”With only four properties of 100 units or greater and no new apartment developments in San Clemente, Seacrest is an irreplaceable asset.” Weston, Dean Zander and John Montakab were part of the team that facilitated the deal.
The new owner intends to upgrade the interiors and common areas of the property to appeal to the “renters by choice” population. “Various investors underwrote a renovation ranging between $25,000 and $40,000 per unit or more in order to position Seacrest as the truly best-in-class housing option for a coastal Orange County location,” Zander added.
CBRE research found that rent growth across Orange County has continued due to the shortage of available inventory, high home prices and the influx of Millennials into the renter pool. Orange County’s population is set to grow from 3.2 million today to 3.5 million by 2040, which is likely to continue to drive multifamily demand.
Image courtesy of Yardi Matrix