Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Solare Apartments, a 240-unit multifamily asset in Santa Ana, California. The property sold for $63.75 million, which is $265,625 per unit.
“Given the very limited velocity of larger apartment buildings selling in 2020, Solare Apartments represents a rare sale within the Orange County market,” said Tyler Leeson, senior managing director investments in Marcus & Millichap’s Newport Beach office. “The asset is well-positioned for the new ownership to further enhance the property and continue to attract affluent renters to the complex.” Leeson and Matthew Kipp, first vice president investments, represented the buyer, Advanced Real Estate Services. The seller is a private investor.
Built in 1987 on nine acres near the Riverview Golf Course and the Santa Ana River, the property is easily accessible from Interstate 5 and State Routes 55 and 22. Shopping is close by at the Main Place Mall and The Outlets of Orange, and Santa Ana College, Chapman University and Coastline Community College are all nearby. Disneyland and Knotts Berry Farm are within a short drive. Solare Apartments has a mix of one-, two- and three-bedroom units, some with renovated interiors and bamboo-vinyl flooring. Community amenities include two swimming pools and a fitness center.