(EDITOR’S NOTE: According to sources with knowledge of the transaction, the property was sold for $190 million, or about $523,415 per unit.)
CBRE negotiated the sale of luxury multifamily community, RIZE Irvine to Sierra Village Associates, an LLC based in Southern California. The sale represents the largest single-asset multifamily sale in Orange County since 2016.
CBRE’s Stewart Weston and Dean Zander represented the seller, a private real estate company with an extensive portfolio nationwide and affiliate of Fairfield Residential. Financing was arranged by CBRE’s Debt & Structured Finance team including Troy Tegeler, Ryan Greer, Trevor Breaux, and CJ Connolly.
Built in 2018 and located on Von Karman Avenue near Alton Parkway, RIZE Irvine represents a substantially sized luxury asset in one of the most sought-after markets in Southern California. Less than 10 miles from the Pacific Ocean, the property is prominently positioned in the Irvine Business District (IBC) and offers residents a short commute time or even the ability to walk to work. The surrounding neighborhood features high-tech companies, luxury hotels, fine dining restaurants, and 16 million square feet of Class A office space.
“Residents of RIZE Irvine are surrounded by more than 100,000 jobs within the IBC, and over one-third of the Fortune 500 companies have a corporate presence,” said Stewart Weston, an Executive Vice President with CBRE. “This leads to a wealth of high-paying employment options.”
Offering a “best in class” amenities package, RIZE Irvine is equipped with a two-story fitness club, multimedia iCafe and community workspace, central plaza with pool and cabanas, two poolside lounges, private deck on the fifth floor, and a spacious dog park. Lavish apartment features include nine-foot ceilings, oversized walk-in closets with custom shelving, USB charging outlets, full-size Whirlpool washer and dryer, and Whirlpool stainless steel appliances including five-burner gas stoves.
“RIZE Irvine is a luxury community thoughtfully curated with ultra-modern interiors and amenities catering to affluent residents,” said Dean Zander, an Executive Vice President with CBRE. “The average household income for residents of RIZE is nearly 25% higher than the city of Irvine.”
Irvine has received numerous accolades over the years. The Trust for Public Land has ranked Irvine’s park system in the top ten nationally for six consecutive years based on accessibility, acreage, investment, and amenities. In 2021, Irvine was selected as the leading city for an active lifestyle based on the ability to walk and bike, along with community amenities. The city’s broad economic base includes employers in high-tech, finance, healthcare, and law, which attract top talent and has enjoyed the fastest high-income job growth in Southern California for decades. In addition, Irvine’s quality of life is renowned with safe, clean neighborhoods; attractive beaches, parks, and trails; abundant sports and recreational facilities; world-class shopping, dining, and entertainment; and a nationally ranked school system.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.