An Orange County apartment complex has sold for nearly $284 million, topping a 10-year record.
A Utah investor has paid $283.5 million for the 768-unit apartment complex in Anaheim, marking the biggest single-property deal in Orange County for a decade, the Orange County Business Journal reported.
An affiliate of Bridge Investment Group Holdings, based in Salt Lake City, bought the Madison Park apartments at 2235 West Broadway for $369,000 per unit. The seller was San Diego-based MG Properties.
MG Properties and Boston-based investment adviser Intercontinental Real Estate paid $122 million for the 615,500-square-foot complex in 2015.
The garden-style complex, built in 1970 on 18 acres, is the largest in Anaheim, per number of apartments. It has a swimming pool, theater and fitness center, and is 97-percent occupied.
Units in the three-story buildings range from 390-square-foot studios to two-bedroom units of 1,000 square feet. Average asking rents range from $1,791 to $2,660.
The average rent for a two-bedroom apartment in Anaheim rose 21 percent in the past month to $2,665, according to Zumper.com.
The $284 million price for Madison Park is the highest paid for a multifamily complex in OC in the past 10 years, according to the Business Journal.
The last big deal was $205.5 million paid for the 400-unit Bryant at Yorba Linda complex early this year.
In May, MG Properties paid $130 million for a newly built, 215-unit complex called The Herald in Placentia. The per-unit price was $604,700.
Bridge Property Management, an apartment management affiliate of Bridge Investment Group, has properties in more than 20 states. It owns1,800 units in four apartment complexes in Orange County. Last year, it paid $68.9 million for a 168-unit complex in Fullerton.
Its Anaheim purchase was financed through a $204 million loan with Berkadia Commercial Mortgage.
Last month, Bridge Investment Group bought a trucking terminal in the Inland Empire for $83 million.
— Dana Bartholomew
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