JLL: Southern California Multifamily Maintains Strength

ORANGE COUNTY, CA-Jones Lang LaSalle's Orange County Multifamily team has completed the sale of The Met at South Coast, located in the heart of Orange County. The Met at South Coast is a 3.1-acre multifamily development site of which 2.3 acres have been entitled for 271 apartment units at a density of 117 units per acre. It was sold for $17,250,000 by David Wald as the State Court Receiver for the property, with managing director Joe Leon and VP Javier Rivera leading the Jones Lang LaSalle marketing team on this pursuit. David Pasternak of Pasternak, Pasternak & Patton represented the receiver in concluding this sale.

“The sale of The Met was one of the most interesting transactions of 2013, as this was a court-ordered receivership sale with a number of stakeholders interested in the outcome of the sale, including various ownership entities and the City of Santa Ana. This complex sale process was managed by receiver David Wald and Christina Rice at Wald Realty Advisors, Inc. and marketed by Jones Lang LaSalle as broker for the Receivership Estate.  The market appreciated the professional marketing process as representative of a viable sale opportunity, and in the end, a competitive marketing process, driven by the Jones LaSalle marketing team, sourced a buyer that exceeded market expectations.” Rivera said.

"With Orange County's occupancy at 96 to 97%, the multifamily market continues to be under supplied in terms of new multifamily product. The Met site is an entitled  development site that should be hitting the next multifamily cycle with perfect time," Leon said.

The location is easily accessible by both professionals working in the Irvine Business Complex as well as the many other flourishing office markets in Orange County, with easy access to the 405 and 55 freeways. The site is also within blocks of the Orange County Airport Area and Irvine Business Complex (IBC), home to more than 4,500+ companies and 135,000 employees. In total, the Irvine Business Complex encompasses more than 18 million SF of Class A corporate office space (almost half of the Orange County total office market) and approximately 30 million SF of research and development and industrial facilities.

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm's dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm's Capital Markets team comprises more than 1,300 specialists, operating all over the globe.

Jones Lang LaSalle is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management.