X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORANGE COUNTY, CA-In the latest sign of the county’s hot investment market for multifamily projects, a group of private investors has paid $12.4 million for the 160-unit Arbors apartment development in the working-class community of Santa Ana.

The seller is CT Realty Corp., a Newport Beach-based investment and development firm. The project stands at 1100 E. Fairhaven, on a six-acre parcel near the Orange (22) Freeway. The buyer is a Newport Beach-based partnership known as Garden Grove Property Associates LLC.

CT Realty, which specializes in purchasing and then improving value-added properties, acquired the complex in March 1998. It immediately launched a $1.1-million rehab that included a complete upgrade of each unit’s interior space and the addition of several common-area amenities.

The development is now 98% leased, in-line with the countywide apartment occupancy factor. Vacancies across Orange County and many other parts of the Southland have steadily dropped and sale prices have surged, thanks to the region’s booming economy, strong job growth and dearth of new multifamily construction.The Newport Beach office of CB Richard Ellis represented CT Realty in the transaction. Garden Grove Property Associates represented itself.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.