Real Estate Roundup: Multifamily Properties in Santa Ana and Costa Mesa Sell for Millions
The real estate market in Orange County is heating up with multiple properties changing hands in recent transactions. In Santa Ana, a nearly third-of-an-acre lot entitled for 15 apartments at 1212 East 4th St. sold for nearly $1.2 million. The development, dubbed 4G Lofts, will feature a mix of studio, one-bedroom, and two-bedroom units, with one apartment designated as “very low affordable.” The buyer, American Pacific Investment Group LLC, was drawn to the property’s location in an opportunity zone near Downtown Santa Ana.
Meanwhile, in east Costa Mesa, CBRE brokered four multifamily properties totaling $13.2 million. These properties include six units at 2666 Orange Ave., three units at 140 Albert Place, four units at 122 Magnolia St., and a 12-unit property at 1993 Church St. The demand for rental housing in the Eastside Costa Mesa market continues to attract investors looking for strong rental yields and stability in the local economy.
In Fullerton, a five-unit apartment property at 124 West Truslow Ave. sold for $1.85 million. The building, built in 1992, features mostly two-bedroom floor plans, with two units as two-story townhomes. The quick sale of the property within 36 days highlights the robust demand for multifamily properties in the area.
Griffin Towers in the South Coast Metro area has seen an increase in occupancy with new leases signed in the past year. The property, sold for $82 million in April 2023, has welcomed tenants such as GeoPentech, GoEngineer, Thomas Kearns McKnight LLP, Senior Doc, and Optima Tax Relief. These new leases have helped fill the space at the 13-story office complex.
Additionally, Alison Co. in Newport Beach is celebrating 90 years in business as a commercial mortgage banking firm. Founded in 1934, the firm’s loan servicing portfolio has surpassed $1.6 billion, offering loan options for various property types across multiple offices in the region.
Overall, the real estate market in Orange County continues to see strong activity with new transactions, leases, and developments shaping the landscape of the industry.
