MARCUS & MILLICHAP NEWS RELEASE |
Contact: (925) 953-1716 |
MARCUS & MILLICHAP SELLS $23.6 MILLION
MULTI-FAMILY COMPLEX IN SANTA ANA, CALIF.
The 196-unit, high-end rental property was developed on an urban infill site
with high barriers to entry in Orange County.
SANTA ANA, Calif., Aug. 31, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Court at Artists Village, a 196-unit apartment and retail asset encompassing 193,856 square feet in Santa Ana. The sales price of $23.6 million represents a price of $120,408 per unit and a cap rate of 6.7 percent.
Ron Harris, a senior vice president investments and senior director of Marcus & Millichap’s National Multi Housing Group, represented the seller, a joint venture between BlackRock Realty and a private investment firm, in this transaction. The buyer was Advanced Real Estate Services Inc.
Located at 301 West 2nd St., The Court at Artists Village is a mixed-use urban apartment community comprised of 196 luxury apartment homes, 12,222 square feet of ground-floor retail shops and 1,412 square feet of storage and office space. At the time of the sale, the multi-family portion was 86 percent occupied and the retail portion was 25 percent occupied.
“The Court at Artists Village is the true definition of urban infill development,” says Harris. “The apartment community blends together unique design elements with traditional, well-appointed rental homes. Residents enjoy immediate access to the bohemian-style, urban-chic establishments of Artists Village, a pedestrian-oriented retail promenade with high-end restaurants, the Santora Building of the Arts (a local museum and studio), the Grand Central Theater and the locally famous Gypsy Den coffee shop.”
The Court at Artists Village is a fully renovated, 1990s vintage-style complex featuring a two-level subterranean parking structure. Other amenities include a new fitness center, a swimming pool and a business center.
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.