Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
ANAHEIM, CA-Palo Alto-based Pacific Urban Residential is offering Madison Park, a 768-unit apartment community located at 2235 W. Broadway here, for sale. The 18-acre community is for sale on an open-bid basis, but market players say that the asset could fetch a price in the $140-million range. The property recently received $14 million in capital improvements and is considered one of Orange County’s largest and most highly amenitized apartment communities.
Greg Harris, an EVP investments, and Kevin Green and Joe Grabiec, directors of Marcus & Millichap/IPA, are representing the seller. “Madison Park services an under-supplied segment of the submarket for luxury living at an affordable price,” said Harris in a prepared statement. “With its unrivaled amenities package and modern interior aesthetic, the community has a tremendous competitive advantage in a rental market that is incredibly tight. We expect investors to view this offering as a very rare opportunity to acquire instant scale in one of the country’s strongest apartment markets.”
Recent improvements to the property include a complete overhaul and update of the community amenities and unit interiors. Harris said that as a result of the renovation, the community “looks and feels like core product, but rents at a significant discount to its newer competitors.”
Madison Park is located close to Interstate 5 and Highway 91, with easy access to the employment hubs of Orange County, in addition to major Anaheim employers. Grabiec said in the statement that “because the city employment is anchored by Disneyland and two major professional sports franchises, Anaheim’s economy is seeing a significant recovery. Employers are adding jobs, which is definitely showing in apartment occupancies and rent growth.” The community maintains an affordability buffer—the difference between what an average tenant can pay for rent based upon his household income and the actual rent paid—of greater than 24%.
The amenities package in the 12-building community of 615,528 square feet includes three swimming pools, four lighted tennis courts, a Zen room with yoga accessories, an aerobics room, a state-of-the-art fitness center, business center, 25-seat movie theater, game room and 49-person banquet room with a flat-screen TV. There is also an independently operated convenience store on the property.
The property contains a mix of studios, one-bedroom and two-bedroom units measuring between 361 square feet and 981 square feet.
As GlobeSt.com previously reported, in July Pacific Urban Residential sold Newport Crossing, a 192-unit multifamily property located at 7311 Coal Creek Parkway SE in Newcastle, WA, to Security Properties Inc. for $30.35 million. Jones Lang LaSalle’s Capital Markets represented seller in the transaction.