Western National Group has sold Seacrest Apartment Homes in San Clemente, California, to TA Realty, according to a release from a representative of CBRE. The release says the sale of the 368-unit property is the largest multifamily sale of the year in Orange County; whether this distinction is in terms of price or number of units was not immediately clear.
The sale price was not available from the rep or from other industry sources before deadline.
According to the statement, the 368-unit apartment community, located at 240 Avenida Vista Montana, comprises one- and two-bedroom floor plans and features ocean views; resort-style swimming pools and spas; a resident clubhouse with kitchen, BBQ and picnic areas; a business center; laundry facilities; and an open-air fitness center.
Seacrest Apartment Homes is one of only four properties with more than 100 units in San Clemente, the statement says. It sits within 5 miles of several beaches, golf courses, and coastal trails. The release says 83 percent of the surrounding population has a college education, and there is a median household income of $101,018 and a median home value of $930,000.
Stewart Weston, Dean Zander, and John Montakab of CBRE represented the seller on behalf of Western National Realty Fund II L.P., while TA Realty was self-represented, according to the release.
Zander is quoted in the statement as saying, “Seacrest was already achieving very competitive rents within the submarket, but by articulating and clearly defining a value-add strategy, we were able to demonstrate considerable upside. Various investors underwrote a renovation ranging between $25,000 and $40,000 per unit or more in order to position Seacrest as the truly best-in-class housing option
for a coastal Orange County location.”
He adds that TA Realty plans to upgrade the interiors and common areas to appeal to the “renters by choice” population.
CBRE also reports that rent growth across Orange County has continued due to the shortage of available inventory, high home prices, and the influx of millennials into the renter pool. According to the firm’s research, Orange County’s population is set to grow from 3.2 million today to 3.5 million by 2040, which is likely to continue to drive demand for apartments.