November and December were a peach of a time for Atlanta-based apartment investors in Orange County, marking an end to a blockbuster year for mega-deals in OC’s multifamily industry.
An affiliate of real estate investment giant PGIM Real Estate, which has a multifamily division in Atlanta, last month paid $194 million for the Jefferson Rise and another $186 million for the adjacent Jefferson Edge complexes in Anaheim’s Platinum Triangle, property records indicate.
Those sales were the No. 1 and No. 2, respectively, local apartment complex sales in 2021 as of mid-December, according to data from real estate market tracker CoStar Group Inc.
The two properties in the Platinum Triangle area of the city, which combined total 747 units, sold for about $509,000 per unit on average. The 2-year-old complexes was built by JPI/TDI, which has developed other properties in the Platinum Triangle.
La Habra Blockbuster
Another multifamily investor from Atlanta, GID Investment Advisors, in late November bought the 335-unit Valentia by Windsor property in La Habra for $182.5 million, or about $544,000 per unit. That 4-year-old complex was sold by Northwestern Mutual Life Insurance Co. and San Diego’s Fairfield Residential.
The trade of Valentia was No. 3 among OC apartment sales in 2021 as of mid-December.
There were 13 apartment complex sales in OC topping the $100 million mark in 2021, according to CoStar data.
Per-unit pricing for those deals ranged from $400,000 at Anaheim’s Paramount Platinum Triangle to $579,000 for Fullerton’s Amplifi.
There were two such $100 million-plus deals in 2020, five in 2019, and six in 2018.
Rents in OC are up over 10% year-over-year, and vacancy rates for apartments in OC are under 3%, according to industry data.