News Summary
The Southern California real estate market is witnessing significant transactions, especially in multifamily and industrial sectors. Recent sales include a $43 million property in Santa Ana with 210 apartment units and a related sale of a 22-unit apartment complex in Costa Mesa for $9.57 million. Additionally, industrial leases were signed at Los Patrones Business Park, and medical office buildings were acquired in Tucson and Las Vegas, indicating robust investment activity in the region.
Santa Ana, California – The Southern California real estate market is experiencing a wave of significant transactions, particularly across multifamily and industrial properties. In early June, an 8-acre property in Santa Ana, consisting of 210 apartment units, a gas station, and a karate gym, sold for $43 million. The deal was brokered by a team from Triqor Group in Newport Beach, representing the family trust that previously owned the property.
The sale involved two buyers: a Newport Beach investor acquired the 210 apartment units and the karate studio, while a separate buyer purchased the gas station. The addresses linked to the property include 1221 Beechwood St., 2320-2340 N. Grand Ave., and 1220 E. Santa Clara Ave.
The new owner of the 210 apartments plans to invest in upgrades for both the units and the overall property. The site has a rich history, having been owned by a family since 1965 when it operated as an orange grove. The ground lease associated with the property was scheduled to expire in May, prompting the family trust to put the property on the market, where it was listed in late 2024 and sold within six months.
In a related transaction, a 22-unit apartment property in Eastside Costa Mesa sold for $9.57 million, approximately $434,845 per unit, on July 2. This marked the first change in ownership for the property in 25 years. The complex, located at 313 and 325 East 17th Place, features a two-story garden-style structure with six one-bedroom and 16 two-bedroom units, encompassing a total of 18,355 square feet. The property also includes central courtyards, eight single-car garages, and ten surface parking spaces, making it an attractive option for renters.
Industrial Sector Growth
On the industrial front, two leases were signed at Los Patrones Business Park in Rancho Mission Viejo. JH Wall Paints, a company specializing in lime wash paints, secured 3,620 square feet for eCommerce distribution, while Precision Aerial Services Inc. took on 2,030 square feet for equipment storage. Kris Smith from JLL highlights that there continues to be robust demand for multi-tenant industrial facilities in both Orange County and Southern California.
Medical Office Transactions
Additionally, Cypress West Partners and TPG Angelo Gordon have acquired two medical outpatient buildings in Tucson and one in Las Vegas as part of a joint venture focused on medical office assets in the Sunbelt and West Coast markets. The La Cholla Medical Plaza in Tucson features two buildings with a total of 68,000 square feet, while the MacFarlane Medical Center in Las Vegas encompasses 39,279 square feet.
High-Value Apartment Sales
One of the more remarkable recent transactions involved the sale of the Skyline at MacArthur Place in Santa Ana, which consists of two buildings housing 350 residential units, for $239.6 million. This equates to nearly $685,000 per unit. The complex includes one- and two-bedroom floor plans that range from 1,018 to 2,312 square feet, alongside various amenities like a gym and swimming pool.
The activity indicates a strong transaction volume in Orange County, where 14 assets of 50 or more units have been sold in 2024, amassing a total of $779.5 million. Another noteworthy sale includes a newly renovated nine-unit multifamily property at 425 E. Wellington Ave. in Santa Ana, which fetched $3,105,000 or $345,000 per unit. This price is reportedly the highest per-square-foot price for a multifamily property in Santa Ana since April 2023.
As investment activity continues to thrive in the multifamily and industrial sectors, experts suggest that the trend showcases a stable and growing real estate market in Southern California.
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Additional Resources
- OC Register: Santa Ana Property Sells for $43 Million
- OC Business Journal: Miami Firm Buys Santa Ana Apartments for $240 Million
- Multi-Housing News: Essex Sells Orange County Asset for $240M
- Bisnow: Bascom Pays $127M for Palos Verdes Multifamily
- Wikipedia: Real estate in the United States
Author: STAFF HERE COSTA MESA WRITER
COSTA MESA STAFF WRITER The COSTA MESA STAFF WRITER represents the experienced team at HERECostaMesa.com, your go-to source for actionable local news and information in Costa Mesa, Orange County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the OC Fair, Concerts in the Park, and Fish Fry. Our coverage extends to key organizations like the Costa Mesa Chamber of Commerce and Boys & Girls Clubs of Central Orange Coast, plus leading businesses in retail, fashion, and technology that power the local economy such as Vans, Experian, and South Coast Plaza. As part of the broader HERE network, including HEREAnaheim.com, HEREBeverlyHills.com, HERECoronado.com, HEREHollywood.com, HEREHuntingtonBeach.com, HERELongBeach.com, HERELosAngeles.com, HEREMissionViejo.com, HERESanDiego.com, and HERESantaAna.com, we provide comprehensive, credible insights into California's dynamic landscape.
