SANTA ANA, CA – Institutional Property Advisors (IPA), a multifamilydivision of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of The Arbors, a 160-unit apartment complex in Santa Ana, Calif. The $28 million sales price equates to $175,000 per unit.
IPA senior director Stewart I. Weston and IPA associate director W. Michael Cavner advised the seller, Marcus & Millichap senior associate Daniel Blackwell represented the buyer, CWGroup LLC.
“The Arbors is an ideal candidate for a moderate renovation program to drive rents, taking advantage of the escalating rental and occupancy trends which most of OC is currently experiencing,” says Weston. “This Class B asset is within close proximity to a myriad of Class A apartment communities, which both demonstrate renter demand for high-end product and our projections for post renovation asking rents.” Cavner added.
The property was built in 1969 on 5.7 acres at 1100-1200 East Fairhaven Ave. in Santa Ana. It is composed of 144 one-bedroom/one-bathroom units and 16 two-bedroom/two-bathroom units.
The Arbors is a gated and lushly landscaped garden-style community enhanced by a myriad of fountains and water features. The amenity package includes an on-site fitness center, two laundry facilities, a basketball and activity court, barbecue areas and two swimming pools and spas.
Interior amenities feature modern open kitchens and pantries, ample closet space, individual and central air conditioning, gas ranges, 14-foot vaulted ceilings in select upstairs units, stainless-steel appliances in most units, and balcony or patio areas.