The Regent, a large apartment property in Santa Ana, just sold to a local private investor for about $13.8M.
At 1111 West Santa Ana Blvd., the 70-unit property recently went through a reno that the buyer plans to continue. Rent increases of about 30% are expected after the renovations are completed.
The more than 30-year-old property is walking distance to Santa Ana’s Artists Village and downtown.
It has seven studio units, five junior one-bedroom/one-bathroom apartments, 28 regular one-bedroom/one-bathroom and 30 two-bedroom/two-bathroom units.
It is a rare trade for Orange County given the size of the building, according to CBRE Senior Vice President Dan Blackwell.
CBRE Senior Vice President Priscilla Nee and Blackwell repped the buyer and the seller, an investor who purchased the property last April and renovated it to sell at a gain.
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