A 402-unit apartment complex in Garden Grove has traded hands, in what CoStar Group Inc. information indicates is the second-largest multifamily deal in Orange County this year.
Salt Lake City-based Bridge Investment Group paid $108.1 million for Crystal View Apartments, nearly $269,000 per unit, property records indicate.
The seller was New York-based Blackstone Group, which paid $84 million, or about $209,000 per unit, in 2015.
Eastdil Secured was the listing broker.
Fourth OC Asset
The complex, a garden-style property with 11 two-story buildings, is a block from Christ Cathedral and the Outlets at Orange shopping center.
The complex has studio, one- and two-bedroom units at an average size of 700 square feet. Amenities include a fitness center, movie theater, spa and tennis courts.
The new owner plans to renovate the 315,000-square-foot property, built in 1968.
It’s the fourth local asset for Bridge, whose website shows it owns about 1,200 units in OC.
Other local properties include a 500-unit apartment in Santa Ana called Warwick Square; an assisted living facility in Anaheim; and a retirement facility in Placentia.
Busy Year-End
By total price, the Garden Grove deal trails only the sale of the 240-unit Baker Block apartment complex in Costa Mesa—the one with the freeway-facing wall mural “Welcome Home” by SoCal street artist, erstwhile Barack Obama “Hope” posters imagist and Obey Clothing founder Shepard Fairey.
The Business Journal reported on the sale of that 2-year-old complex last month for $113.5 million, or $473,000 per unit, the highest per-unit price seen for a larger-sized rental in OC in more than two years, according to CoStar data.
The third multifamily sale this year to top $100 million was for The Charlie, a 228-unit development in Santa Ana that sold in June for $100.8 million. Formerly called The Line, that project is finishing construction.
