TruAmerica Finalizes $103M Purchase of Apartment Complex in Santa Ana, California

Nineteen01, located at 1901 E. 1st street in Santa Ana California, is a 264-unit apartment property with an impressive average unit size of 1,033 square feet comprising one- to three-bedroom apartments with open-concept floor plans.

TruAmerica Multifamily, a national, institutionally-focused multifamily investment firm, expanded its Southern California portfolio with the $102.9 million purchase of Nineteen01, a 264-unit apartment asset in Santa Ana, CA. The Class A property, which was acquired in partnership with PCCP, LLC at a significant discount to replacement cost, includes a three- and five-story wrap building that was developed in 2016.

Located at 1901 E. 1st street in Santa Ana, the MSA provides strong market fundamentals with expected average annual rent growth of 3.69% through 2027, according to Axiometrics.

Noah Hochman, Co-Chief Investment Officer and Head of Capital Markets for TruAmerica, said, “Nineteen01 offers a multitude of investment drivers relating to its prime location, including its proximity to major freeways providing convenient access to all of Orange County. TruAmerica already owns and manages three properties in Orange County, totaling approximately 700 units.”

Robert E. Hart, founder, CEO, and president of TruAmerica, said, “We believe the addition of Nineteen01 to our multifamily portfolio comes at a perfect time. The city of Santa Ana is undergoing significant revitalization, including the development of the nearby Santa Ana Regional Transportation Center, a planned streetcar system, and a proposed state-of-the-art soccer stadium. We believe this property fits nicely with the city’s plans for the future.” Shane Shafer of NorthMarq brokered the transaction.

Features of Nineteen01 include an attractive unit mix comprised of one- to three-bedroom apartments, with open-concept floor plans and an impressive average unit size of 1,033 square feet. All the homes feature fully appointed kitchens, full-size washers and dryers, private patios or balconies, spacious walk-in closets, and ceiling fans. Nineteen01 also features a broad array of community amenities, which include a rooftop resort-style pool area with spa, a fully equipped, 24/7 accessed fitness center, business center, cyber café, private conference room, dog park, game room, package system, communal fire pit, outdoor grilling areas, and community green spaces.

The property is near Santa Ana College, the largest community college in California, and is in the heart of the area’s employment hub, near multiple hospitals and medical centers, such as Children’s Hospital of Orange County (CHOC) and St. Joseph Hospital, which employ more than 10,000 people. In addition, Nineteen01 is surrounded by a collection of some 20 restaurants, bars, and shops that patrons of all ages enjoy year-round. Its culinary lineup was carefully selected to include some of the most popular restaurants in the Orange County food scene. Additionally, the property is less than five miles from Costa Mesa and only a 10-minute drive to Newport Beach. Being within 20 minutes driving distance of three different cities – Santa Ana, Costa Mesa, and Newport Beach – Nineteen01 has the optimal location for both employment and entertainment.

This transaction follows an active first half of the year during which TruAmerica secured $300 million in refinancing for five properties in four states and earned a No. 25 ranking on National Multifamily Housing Council’s 2023 National Survey. TruAmerica commemorated its 10th year in business in 2023 and the Jewish Federation of Greater Los Angeles honored Mr. Hart as its Real Estate & Construction (REC) Network Dinner in June 2023.