TA Realty is adding to its Southern California multifamily holdings with its latest nine-figure purchase in Orange County.
Boston-based TA Realty acquired the Zia apartment complex at 1600 West Lincoln Avenue in Anaheim for $147.5 million, Bisnow reported. The seller was MBK Rental Living, which developed the property in partnership with Haseko and opened it two years ago. Cushman & Wakefield’s Marc Renard, Morgan Jackson, Manfred Schaub and Joyce Bee arranged the deal on behalf of MBK.
The five-story Zia property boasts 315 units in studio to three-bedroom floor plans ranging from 600 to 1,900 square feet in size. Amenities on site include a resort-style pool, a two-story fitness center, a zen garden and a dog park.
Multifamily vacancy in Orange County was 4.3 percent in the second quarter, up from 3.8 percent a year prior and 4 percent in the first quarter, according to Kidder Mathews’ second-quarter report. Still, despite the rising rate, Orange County remains one of the lowest-vacancy multifamily markets among major California metros. The average per-unit multifamily sale price was $338,935, placing Zia’s $468,255-per-unit price well above the local average.
The Zia sale also tops the priciest multifamily sale in the second quarter which was Eagle Real Estate Partners’ purchase of the 402-unit Crystal View Apartments in Garden Grove from Bridge Investment Group Holdings. The property traded hands for $132.5 million, or $329,600 per unit. That was followed by Post Investment Group and Foothill Affordable Housing Foundation’s acquisition of the 232-unit Bentley Parke apartments in Arcadia for $65,200,000, or $281,030 per unit, and Dunbar Real Estate Investment Management’s purchase of the 68-unit Brea Grove Residences in Brea for $27.3 million, or $400,735 per unit.
Earlier this month, Tishman Speyer purchased the Rise apartment complex at 1910 South Union Street in what is believed to be a pricey transaction. The company partially financed the acquisition with an $88 million Freddie Mac loan. The latest sale price was not disclosed, though it last sold in 2021 to PGIM a for $380 million, or $1 million per unit.
— Chris Malone Méndez
Bascom buys Buena Park apartments for $53M as OC market sees more big-ticket sales
Eagle Partners buys back OC apartments in $133M affordable preservation deal
BlackRock pays $1.6B for Camden’s last SoCal apartments