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Santa Ana Luxury Apartments Sold For $36.6M To Single Buyer

Property Image
SOLD
$36,600,000

California

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MultiFamily
Sold 01/12/2024
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Property Image
SOLD

Santa Ana Luxury Apartments Sold For $36.6M To Single Buyer

215 East 15th Street & 510 Mortimer Street

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MultiFamily
Sold 01/12/2024
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Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

Summary of transaction details

  • Property Type: MultiFamily
  • Transaction Amount: $36,600,000
  • Units: 132
  • Price per Unit: $277,273

Players

Tyler Leeson
14 deals$397.4M volume
BROKER

Details

SOLD
IMAGE: Tyler Leeson DATE: 01/12/2024 ADDRESS: 215 East 15th Street & 510 Mortimer Street MARKET: Santa Ana ASSET TYPE: MultiFamily BROKER: Tyler Leeson - Marcus & Millichap (@MarcusMillichapinc) SALE PRICE: $36,600,000 UNITS: 132 ~ PPU: $277,273 NOTE: Santa Ana's Park Tower Luxury Apartments (74 units) and Park City View Luxury Apartments (58 units) were collectively sold for $36.6 million to a single buyer in transactions managed by Marcus & Millichap. Both properties, less than a mile apart, closed on the same day, emphasizing the submarket's positive rental conditions and economic growth.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,951,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$130,032.08
Cash-on-Cash Return-1.27%
Monthly Debt Service$173,502.67
Annual Debt Service$2,082,032.07