Connect with us

Finance

Nuveen Pays $168M for 290 Units in Record Sale for Orange County

Published

on

Pick one up and put one down.

Nuveen Real Estate has acquired a 290-unit luxury apartment community in Orange County, Calif., Commercial Observer has learned, just a day after CO reported the same firm sold a 354-unit property in Simi Valley for $101.8 million.

Multifamily developer Intracorp announced it sold the Orange County complex for $168 million. AmpliFi Apartments is located at 600 West Commonwealth Avenue in the city of Fullerton, north of Anaheim.

Brad Perozzi, president of Intracorp’s Southern California division, said it’s the highest price-per-unit sale ever of a market-rate multifamily community in Orange County. The sale pencils out to about $579,310 per unit. In contrast, the median sale price per unit overall in Orange County was $350,292 after the third quarter, according to a report from NAI Capital.

“While we could not have anticipated that the initial leasing of the property would occur during an unprecedented pandemic, AmpliFi meeting our core demographic is the best development execution I have witnessed in 25 years,” Perozzi said. “The community reached stabilization in less than 10 months, with an average of more than 30 leases per month.”

That pace is all the more interesting due to the rent figures coming out of Orange County. The area’s average asking rent jumped 17 percent in the past year, to $2,398 a month, according to NAI Capital. (Compare that to Los Angeles County’s $2,017 per unit.)

Intracorp developed AmpliFi Apartments with Grosvenor Americas. The community is made up of studios, and one-, two- and three-bedroom units. The property features a pool, retail space, a business center, a clubhouse, a fitness center and a spa. 

Intracorp has developed more than 22,000 homes in 176 communities nationwide. Meanwhile, Nuveen has been active across different sectors in Southern California. Before selling the Waterstone Apartments in Simi Valley, Nuveen paid $60 million in August for a fully leased industrial site in the Inland Empire. And, in the spring, CO reported Nuveen’s plan to acquire Comcast’s new esports studio on the Glendale-Burbank border for about $53.5 million.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.

Original Source: commercialobserver.com

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Finance

Biden: Federal Reserve Should ‘Recalibrate’ Policy As Prices Rise

Published

on

WASHINGTON – U.S. President Joe Biden on Wednesday said it was appropriate for the Federal Reserve to recalibrate the support it provides to the U.S. economy, in light of fast-rising prices and the strength of recovery.

‘Given the strength of our economy and recent price increases, it’s appropriate, as … Fed Chairman [Jerome] Powell has indicated, to recalibrate the support that is now necessary,’ Biden told a

Source: bignewsnetwork.com

Continue Reading

Finance

Sinema, Manchin Prove There’s Still a Long Way to Go

Published

on

The Black community owes a debt of gratitude to United States Senators Kyrsten Sinema and Joe Manchin. The dynamic duo have managed, by supporting the filibuster and crippling two major voting rights bills, to remind any of us who had any doubts or historic contextual misunderstandings that Martin Luther King Jr. Day is a day …

Original Source: azcapitoltimes.com

Continue Reading

Finance

Fields Holdings Adds Another Retail Center in SoCal

Published

on

It’s been a big day for retail real estate in Orange County, Calif.

Commercial Observer can first report that Fields Holdings has agreed to pay $28.8 million for Palm Center, a 92,950-square-foot, grocery-anchored shopping center in the city of Orange. This deal follows the $39.5 million sale of Gateway Center in Orange County, which was also announced today. Additionally, it was announced last week that L.A.-based Fields Holdings acquired the Brentwood Shopping Center in Los Angeles for $30 million.

Colliers announced the Palm Center deal and represented the seller, Corning Development. It’s the first change in ownership since it was developed in 1971.

“The seller was Australia-based, and this was their last owned asset in the U.S.,” said Colliers’ El Warner, who brokered the deal with Charley Simpson. “After our team generated 16 offers, the property was purchased by a Los Angeles-based investor who was in a 1031 exchange from the sale of an apartment property. The buyer plans on renovating the shopping center and holding the property long-term.”

Palm Center is located on 8.1 acres at 934–970 North Tustin Street. Albertsons has been the anchor tenant for more than 30 years. Other tenants include The UPS Store, O’Reilly Auto Parts, UFC Gym, Aqua-Tots Swim Schools and America’s Best Contacts & Eyeglasses. Colliers said the sale represents continued demand for quality retail properties with upside in booming U.S. markets. 

“Eleven billion dollars in retail traded hands across the U.S. in November of 2021, the highest level on record in the last decade,” Warner told CO in a statement. “Demand is robust as both 1031 exchanges increased and institutional capital returned into the retail investment space.” 

He added that the pandemic proved retail’s resiliency with increased buyer demand that significantly outpaced supply, creating cap rate compression and additional competition.

“Accelerated interest and limited supply have created an incredibly bullish market for retail moving into 2022,” he said. “Under the current economic conditions, property owners willing to market an asset will see a tremendous return. Legacy properties remain extremely attractive to buyers looking to capitalize on long-term yield.”

Gregory Cornfield can be reached at gcornfield@commercialobserver.com

Source Here: commercialobserver.com

Continue Reading

Trending

Top100Biz.com