ANAHEIM \u2014 A luxury apartment complex in the heart of the Platinum Triangle has sold for $160 million, making it one of the biggest multifamily deals in Orange County this year.<\/p>\n
New York-based Tishman Speyer acquired the 376-unit Rise at 1910 S. Union St. for about $425,500 per apartment from PGIM Inc. on Aug. 25, according to CoStar records.<\/p>\n
PGIM bought Rise from JPI Companies in December 2021 as part of a larger $380 million deal.<\/p>\n
According to CoStar data, this is the second-largest multifamily sale in Orange County this year, behind the $179.2 million sale of a 380-unit Mission Viejo property in July.<\/p>\n
That property was part of CalSTRS\u2019 $1.63 billion, 11-property portfolio purchase from Camden Property Trust.<\/p>\n
Built in 2020, Rise is currently 97% occupied, according to CoStar.<\/p>\n
The complex offers studios, one-, two- and three-bedroom apartments and features amenities including a fitness center, swimming pool and a coworking lounge. A rooftop deck with a pickleball court was added last year.<\/p>\n
Tishman Speyer officials said they plan to make more improvements to the exterior and amenities.<\/p>\n
CBRE Executive Vice Presidents Rachel Parsons and Derrek Ostrzyzek, along with First Vice President Mike Murphy and Senior Associate Kenji Thomas, handled the transaction.<\/p>\n
Tishman Speyer was ranked No. 1 on the Business Journal\u2019s commercial developer list published June 1.<\/p>\n
High Demand, Low Supply<\/p>\n
The purchase comes as the 820-acre Platinum Triangle, anchored by Angel Stadium, Honda Center and the upcoming $4 billion OC Vibe project, continues to attract investment.<\/p>\n
The timing couldn\u2019t be better for Tishman Speyer. Two weeks ago, Los Angeles Rams owner and multibillionaire real estate developer Stan Kroenke agreed to buy a controlling stake in the Los Angeles Angels.<\/p>\n
Kroenke is expected to strike a deal for the city-owned stadium and surrounding land once the sale is completed. (See the Sept. 7 edition for more on the Angels sale.)<\/p>\n
With Kroenke on board, housing in the region surrounding the Big A is sure to rise.<\/p>\n
And many institutional investors are focusing on newer, established apartment communities, especially as new multifamily construction has slowed down.<\/p>\n
A CoStar report found that Orange County\u2019s apartment construction pipeline is shrinking.<\/p>\n
About 3,300 multifamily units were under construction in the third quarter this year, down nearly 47% from the previous year.<\/p>\n
Tishman Strategy<\/p>\n
For Tishman Speyer, buying Rise is part of a strategy to acquire high-demand assets.
Tishman Speyer bought Rise using its TS Plus core-plus fund, which has raised $1.08 billion from investors so far.<\/p>\n
The real estate investment company said it used an $88 million Freddie Mac loan to finance the deal, which works out to about $234,000 per apartment.<\/p>\n
This is the sixth acquisition for Tishman Speyer\u2019s TS Plus fund.<\/p>\n
Since 2023, the company says it has bought about 3,800 apartments in 13 residential communities and has another 7,400 units planned or under development.<\/p>\n
\u201cRise represents a compelling addition to TS Plus within an Orange County market that continues to transform through public and private investment and is seeing a material reduction in new supply,\u201d Tishman Speyer Managing Director Matthew Friedman said in a news release.<\/p>\n","protected":false},"excerpt":{"rendered":"ANAHEIM \u2014 A luxury apartment complex in the heart of the Platinum Triangle has sold for $160 million,…\n","protected":false},"author":2,"featured_media":463581,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[163,165,164],"class_list":["post-463580","post","type-post","status-publish","format-standard","has-post-thumbnail","category-anaheim","tag-anaheim","tag-anaheim-headlines","tag-anaheim-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/463580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=463580"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/463580\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/463581"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=463580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=463580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=463580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}