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Bullish on the growing multifamily market in Orange County, an affiliate of Empire USA LLC has acquired a four-property, 214-unit multifamily portfolio in Santa Ana from an undisclosed seller for $42.47M.
The portfolio equates to more than $198K/unit, said Marcus & Millichap First Vice President Investments Mark Bridge, who represented Empire.
“The portfolio is poised for growth in a city that has been transformed into a dynamic environment that attracts young, well-educated and high-wage-earning residents,” Bridge said in a news release.
Bridge said affordable rents in Santa Ana compared to other Orange County cities is driving the growth. The city's transit-oriented location with a straight shot to the beach and other major job centers was also a huge draw.
“As downtown Santa Ana’s appeal has grown, new retail, dining and entertainment options have opened to cater to the new resident pool,” he said.
With the acquisition, Los Angeles-based Empire USA adds to its growing portfolio that spans 40 cities across the U.S. and more than 10,000 multifamily units. Empire has commercial property ranging from multifamily, hotels and commercial properties in Washington, Oregon, California, Nevada, Arizona, Hawaii and Texas.
Marcus & Millichap’s First Vice President Investments Stephen Soqui, who represented the seller, said he received a lot of demand once he listed the Santa Ana properties.
“The shortage of housing and upward pressure on rents is contributing to capitalization rates remaining compressed despite the recent rise in interest rates,” Soqui said in a news release.
The four properties sold are 58 units at 510 North Mortimer St.; 46 units at 510 East Chestnut Ave.; the 74-unit Carlton Apartments at 215 East 15th St.; and 36 units at 1717-1721 North Spurgeon St.
Marcus & Millichap’s Shane Ryan McConnell provided additional representation in the sale of the Spurgeon Street property.
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