The properties are less than a mile from each other, north to south.
Two apartment complexes in Santa Ana have sold for a combined $36.6 million dollars to a single buyer.
The transactions, brokered by Marcus & Millichap, included the 74-unit Park Tower Luxury Apartments and the 58-unit Park City View Luxury Apartments.
The properties are less than a mile from each other, north to south.
According to property records, the larger complex, Park Tower at 215 E 15th St., sold Dec. 29 for $21,450,000. The smaller Park City View property at 510 N Mortimer St. closed on the same day for $15,150,000.
“The properties are in a submarket where over 55% of households are renter occupied, average annual household income has grown 33.35% since 2010, and average occupancy over the next four years is projected to be 96.5%,” said Tyler Leeson, executive managing director of investments at Marcus & Millichap.
The firm represented the seller. The buyer was identified in public documents as LLCs registered to the same Los Angeles address.
By SAMANTHA GOWEN | [email protected] | Orange County Register