Amerige Pointe, one of the largest apartment complexes in Fullerton, has a new owner.
A real estate investment affiliate of Newark, N.J.-based Prudential Financial Inc. recently sold the 292-unit rental complex that’s part of the Amerige Heights development on the western edge of the city.
The 17-building property, which also includes a small amount of retail space, is nearly 300,000 square feet and was built in 2004. Prudential Real Estate Investors said in a recent financial report that it paid about $67.5 million for it when it was built.
An LLC managed by another big institutional investor, Boston-based TA Realty, is the new owner of the complex—one of nine rental properties in Fullerton with more than 290 units—according to property records.
The property traded hands for about $115 million, or a little under $400,000 per unit. Records list the new owner as FHF I Amerige Pointe LLC, a Boston-based entity sharing TA Realty’s address.
Joe Leon, Jeff Rowerdink and Dean Zander of Berkadia brokered the deal.
Amerige Pointe is one of only three apartment complexes to sell for more than $100 million this year, according to CoStar Group Inc. records.
It’s also the second big one in Fullerton to sell since September, when Irvine-based apartment investor Advanced Real Estate Services Inc., or ARES, bought Camden Parkside, a 421-unit rental complex close to California State University-Fullerton.
Property records show ARES paid about $99 million, or $235,000 per unit, for Camden Parkside, which was built in 1972. The new owners said they plan a $25 million renovation.
The Fullerton buy comes as TA Realty and the funds it manages have sold or are in the process of selling various local properties.
Among larger buildings the investor is looking to shed are two eight-story offices in the South Coast Metro area of Santa Ana called Sandpointe at MacArthur Place.
Shea Openings, Leases
Aliso Viejo-based Shea Properties has opened a new apartment complex close to its headquarters at the Vantis mixed-use development, while an industrial project it opened in Huntington Beach last year has been leased up.
The company’s Shea Apartments division said last month that it opened the 435-unit Vantis Apartments project on the corner of Enterprise and Aliso Viejo Parkway.
The project includes a mix of studio, one- and two-bedroom units of up to 1,433 square feet.
Monthly rents are a little under $2,000 for studio units, while some two-bedroom units go for more than $3,200, according to the property’s website.
Amenities include a 2,300-square-foot fitness club, swimming pool and open-air lounge.
The apartments are the latest addition to the mix of offices, for-sale residential, and retail space developed by Shea Properties at Vantis, which is near the Aliso Viejo Town Center. A 129-room Homewood Suites by Hilton hotel opened at the project this year.
Shea Apartments owns and manages 20 apartment communities in California and Colorado that total more than 8,000 units. This year it opened Reata at Oakbrook Village, a 289-unit rental complex in Laguna Hills, just off the Santa Ana (I-5) Freeway.
It built the project, which is near the under-renovation Laguna Hills Mall, in a venture with Fritz Duda Co.
Shea Properties said that it also has completed leasing at Shea Center Huntington Beach, a 144,754-square-foot industrial project it built last year on the former Randall Lumber site.
AMD Direct Inc., an outdoor furniture and barbecue distributor, recently signed a seven-year lease at the 50,182-square-foot building at 17322 Gothard St. and plans to move into the space by the end of the year, according to CoStar records.
It joins Restaurant Depot, a wholesale supplier to restaurants, which last year leased a 94,572-square-foot building there.
CBRE Group Inc. brokers Bob Goodmanson and Chris Bates handled the leasing at the industrial project.
