IRVINE, Calif., – May 3, 2022 – Cushman & Wakefield announced today the firm has brokered the sale of two multifamily investment properties in Orange County, California for a combined transactional value of $11.1 million. Sold in separate transactions, the pair of apartment communities consisted of the 24-unit Palm Court Apartments in Buena Park which sold for $6.05 million and the 17-unit Driftwood Apartments in Fullerton which sold for $5.05 million.
Mark Bridge and Jon Mitchell with Cushman & Wakefield’s Multifamily Advisory Group in Orange County represented all parties in sales, which were comprised of different private buyers and private sellers.
Palm Court Apartments is located at 5699 Fullerton Ave in the city of Buena Park and is 100% occupied. The two-story property consists of one-and two-bedroom units and underwent several capital improvements prior to sale.
Driftwood Apartments is located at 134 S Pritchard Ave in the city of Fullerton and is 94% occupied. The property features two- and three-bedroom units. Nine of the 17 units have been renovated, and the new owner intends to renovate the remaining units as well as the exterior of the property.
“Our team was able to deliver smooth sales at desired price points for both properties. Orange County remains a sought-after coastal market and each of these assets is very well leased and offers a comfortable living community for residents in easily accessible locations that are also convenient to amenities,” said Mark Bridge, Managing Director. “In the case of the Driftwood Apartments, the buyer has great value-add potential through the renovation plan as well as lease up of the vacant units.”