Investment Overview

Marcus & Millichap is pleased to present the exclusive opportunity to acquire Highland Orchard Apartments, a 104-unit conventional market-rate apartment community located at 140 South Highland Avenue in Placentia, California. The property is being offered unpriced on an open-bid basis. Built in 1985 on approximately 4.23 acres, Highland Orchard features 83,832 net rentable square feet and an all-two-bedroom unit mix consisting of 28 two-bed/one-bath units and 76 two-bed/two-bath units. Private outdoor space is a defining feature of the community, with 103 of the property’s 104 units offering either a patio or balcony. Additional amenities include a swimming pool and spa, built-in barbecue areas, two on-site laundry facilities, and covered and surface parking. The property also includes an on-site leasing office that connects directly to the adjacent manager’s unit. Highland Orchard is situated across from a condominium community completed in 2022 and is surrounded by neighborhood retail, established condominium developments, and single-family communities. The property is served by the Placentia-Yorba Linda Unified School District, with Glenview Elementary School within walking distance and Esperanza High School less than one mile away. Proximity to both schools supports demand from households with school-aged children and complements the property’s all-twobedroom unit mix. Current ownership utilizes a ratio utility billing system to recover a portion of the property’s utility expenses. Further value creation can be pursued through higher-end interior renovations and the potential installation of in-unit laundry. Each patio and balcony includes a storage closet that could provide a practical location for the necessary equipment and connections. Highland Orchard represents a rare opportunity to acquire a conventional market-rate apartment community of scale in Placentia. The last sale of a conventional market-rate multifamily property of more than 100 units in the city occurred in 2023, distinguishing Highland Orchard within a tightly held North Orange County multifamily submarket.