Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a two-property multifamily portfolio in Santa Ana, California. The assets are 74-unit/4-story Park Tower Luxury Apartments and 58-unit/3-story Park City View Luxury Apartments.
“The properties are in a submarket where over 55% of households are renter occupied, average annual household income has grown 33.35% since 2010, and average occupancy over the next four years is projected to be 96.5%,” said Tyler Leeson, executive managing director investments in Marcus & Millichap’s Orange County office. Leeson, along with Marcus & Millichap’s Matthew Kipp and Anthony Brown represented the seller and procured the buyer.
The properties are close to Santa Ana College, one of Santa Ana’s top employers, and retail, dining, and entertainment options along East 4th Street. Interstate 5 is proximate, connecting residents to employment hubs throughout Orange County and Los Angeles County. Historic Downtown Santa Ana, 4th Street Market and Artists Village area are nearby. Both Park Tower and Park City View are pet-friendly.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion.
