TUSTIN, Calif., March 2, 2020 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Terra at Tustin, a 116-unit apartment property in Tustin, California. The asset sold for $41 million, which equates to $353,448 per unit.
“Prior ownership invested significant capital in common area and in-unit improvements and new ownership can further enhance the property’s ability to attract affluent renters by continuing to improve the units,” said Tyler Leeson, senior managing director investments with Marcus & Millichap. Leeson, Kevin Green, IPA senior director, Matthew Kipp, first vice president investments with Marcus & Millichap, Joseph Grabiec, IPA senior director, and Greg Harris, IPA executive director, represented the seller, a private multifamily investment firm.
“Situated at the crossroads between northern and southern Orange County, Terra at Tustin is well-positioned to capture the benefits of a solid rental market and enjoy significant future growth,” commented Green.
The property is within a half-mile of Interstate 5 and State Route 55, which provide residents with access to employment in Orange, Los Angeles, and Riverside counties. Retail shopping is nearby on Newport Avenue and Redhill Avenue and Tustin High School is a half-mile away. The Tustin Legacy, a 1,600-acre planned community on the former Marine Air Corps Station Tustin is one mile from the property. Built in 1969 on 4.7 acres, Terra at Tustin is composed of 16 two-story buildings, 84 one-bedroom units and 32 two-bedroom apartments.
Article source: institutionalpropertyadvisors.com