IRVINE, CA-GlobeSt.com has learned exclusively that WNG Charter Irvine LLC has retained the Hendricks-Berkadia team of Dean Zander and Vince Norris, along with VP Spencer Scott, to sell Charter Apartments, a 403-unit luxury apartment community here. Locally based Western National Group—the second-largest multifamily owner in Orange County with more than 20,000 units under management—owns the property as part of Western National Realty Fund II.

Charter Apartments is located on the corner of Jamboree Rd. and Kelvin Ave. in the master-planned Irvine Business Complex, a 2,000-acre section of the city that is the largest business area in Orange County. Originally constructed in 1988, the community consists of three three-story residential buildings and one two-story leasing center/clubhouse situated on more than 9 acres of landscaped grounds.

The property has been well maintained, according to Hendricks-Berkadia, and has undergone substantial capital improvements and renovation over the last decade. Building amenities include two pools and spas, a fully equipped fitness center, clubhouse, tennis court and a full-service leasing office.

“Assets of this size and quality rarely come to market in Orange County,” says Scott. He adds that Irvine has historically had very low transaction volume and an almost overwhelming demand. According to current published reports, Irvine has an unemployment rate of only 5.5%, one of the lowest in the nation for large metropolitan cities.

The complex is surrounded by newer, class-A multifamily communities that continue to drive market rents higher, giving Irvine the second-highest apartment rental rates in Orange County. “According to Real Facts, the current average of $1,949 is a 9% increase since 2010 and is over 25% higher than the average rents at Charter,” says Zander.

Adds Norris, “Those low rent levels create an incredible opportunity for new ownership to capture some of the disparity between Charter and the rest of the market.”

The team is arranging tours by appointment only and has scheduled a call for offer date at the end of August.

As GlobeSt.com reported last week, Zander, Norris and Scott successfully completed the sale of 208 units in Riverside, CA, just a few months after the sale of 176 units listing in Moreno Valley Ranch for the same seller, a private Bay Area investment group.