Construction is officially underway on a project converting a portion of Fullerton Town Center into a 329-unit apartment complex with 6,000 square feet of retail.
An executive with Houston-based The Dinerstein Cos. confirmed a section of the retail center at the corner of Orangethorpe Avenue and Lemon Street in Fullerton will now become a residential property, with the apartment project slated to be completed in 2027.
The new apartment complex is being built on a 4.5-acre infill site and will feature a mix of studio, one- and two-bedroom units.
The Dinerstein Cos. bought the Fullerton Town Center at land value for $21 million. Big Shopping Centers was the seller.
Irvine-based real estate agency WD Land, which assisted in the close, confirmed the land sale and the beginning of construction.
“The apartment project was delivered permit-ready and Dinerstein secured their construction loan prior to closing,” according to a WD Land statement. “They are now officially under construction on the five-story building with 329 units that wraps a 657-space parking structure.”
WD Land’s statement added the apartment project’s architectural design was inspired by Fullerton’s historical buildings, such as the Railroad Depot that’s now The Old Spaghetti Factory in the nearby downtown area.
“The design also includes three courtyards, a pool, a fitness center and 6,000 square feet of new ground-floor retail,” according to a WD Land statement. “This new community will be imbedded in the Fullerton Town Center that includes top national tenants like Amazon Fresh, AMC Theaters, Costco, casual dining and other merchants.”
WD Land is a land brokerage and advisory firm that matches developers and home builders on sites from farmland to urban infill redevelopments. It says its work has led to over $3.7 billion in successful land sales.
Brian Dinerstein is the chief executive at Houston-based Dinerstein Companies, which says it’s a vertically integrated apartment developer and operator with $3.8 billion in assets under management. It calls itself one of the largest “green” multifamily developers in the country with $4.7 billion in LEED Certified product completed or under construction.
Fullerton Town Center
The apartment development is located near the southeast corner of Fullerton Town Center and would be adjacent to the AMC Theaters.
Fullerton Town Center’s largest tenant is Costco, which occupies more than 130,000 square feet. The next three largest tenants are AMC Theaters with nearly 70,000 square feet, Amazon Fresh at 44,449 square feet and Ross Dress for Less at 30,000 square feet.
Other tenants include Chick-fil-A, Chipotle, Five Below, Jack in the Box, Jersey Mike’s, Habit Burger & Grill, Panera Bread, Verizon and Warehouse Shoe Sale.
Orange County Multifamily Market
The building of new apartment buildings is significantly down this year, according to a Kidder Mathews report through the second quarter of 2025.
Kidder Mathews reported there were 786 new builds through the first six months of this year, compared to 2,603 fresh developments in quarters one and two in 2024, a 70% year-over-year decline.
Asking rents and vacancy rates, however, have been steady across the entire county, per Kidder Mathews.
The average asking rent for an Orange County apartment, regardless of unit size, was $2,667 per month, as of June 30. That’s slightly higher than the average asking rent of $2,627 per month as of June 30, 2024.
Vacancies through the second quarter of 2025 was 3.8%, or the same rate through for the first six months of 2024.
Rents for the new apartment development at Fullerton Town Center were not revealed, but Kidder Mathews showed the average monthly payment for a studio, countywide, was $2,086. Average monthly rents for a one-bedroom, countywide, was $2,410, while a two-bedroom was $2,904.
Major multifamily projects under construction included the 1,261-unit Colonnade at The Marketplace and the 1,100-unit Pacifica Place Apartment Homes, both in Irvine.
The 314-unit Citron Apartments, on the transaction side, recently sold for $144 million, or $458,599 per unit. MG Properties bought the property from Anton Development Co.
