New Drivers for Santa Ana’s Multifamily Sector

Blackwell: “People want to live near amenities and entertainment with an ability to walk out of their apartment and easily access an array of restaurants, shops and services.”

SANTA ANA, CA—The multifamily market has continued to strengthen in Santa Ana, CA, due to an increased level of renter demand from tenants, including Millennials, looking to live close to Downtown, CBRE SVP Dan Blackwell tells GlobeSt.com. Blackwell and the firm’s Priscilla Nee recently represented both the unnamed buyer and seller of the Regent, a 70-unit apartment property located at 1111 West Santa Ana Blvd. here. The buyer was a local private investor; the seller purchased the property last April and renovated it to sell at a gain.

The Regent underwent a partial remodel over the past year. The buyer plans to continue the renovation plan, and should be able to realize rent increases of about 30% once the property is stabilized. Built in 1986, the site is within walking distance to Santa Ana’s Artists Village and Downtown, with easy access to the 5 and 55 freeways. The property features seven studio units, five junior one-bedroom/one-bathroom apartments, 28 regular one-bedroom/one-bathroom and 30 two-bedroom/two-bathroom units.