Olympus Property, a multifamily investment and property management firm based in Texas, has purchased Fusion Apartments at 17321 Murphy Avenue in Irvine, California, from Georgia-based 360 Residential $118.5 million, according to a release from a representative of CBRE. The release says the transaction marks one of the largest multifamily sales in Orange County this year.
The 3.5-acre property is located in the Irvine Business Complex, near many shopping and dining options, beaches, parks, and John Wayne Airport, according to the statement. Fusion Apartments was in lease-up at the time of sale and features 280 units with “state-of-the-art finishes” and amenities that include a Zen garden, koi pond, a 14,000-square foot rooftop deck with a clubroom, a fitness center, a swimming pool, a spa, fire features, cabanas, and a barbecue.
The statement also says Stewart Weston, Dean Zander, John Montakab, and Paul Berry of CBRE represented both parties in the transaction. As SoCal Real Estate reported earlier in November, Weston, Zander, and Montakab recently facilitated another significant sale, Seacrest Apartment Homes, which marked the biggest multifamily transaction of 2018 for Orange County, according to CBRE.
In the release, Weston refers to the property as “a true class-A asset” that “sets the standard for high-end living, offering the first rooftop amenity package in the submarket.” He adds that average incomes in the area surpass $140,000 a year and that the demand for luxury rental housing in the area is surpassing supply, with 20 leases a month being signed at Fusion.
CBRE research has shown that due to the shortage of available inventory, high single-home prices and the rising influx of millennials, Orange County continues to experience significant rent growth, which has continued to buoy investor interest in the sector, with the number of multifamily asset acquisitions having increased 13.5 percent year-over-year. The firm reports that as Orange County’s population is set to grow from 3.2 million today to 3.5 million by 2040, demand for apartments is likely to continue.