ORANGE COUNTY, CALIFORNIA (July 24, 2019) – NorthMarq’s Southern California investment sales team of Shane Shafer, senior vice president/managing director, and Kyle Pinkalla, managing director, collaborated to complete the sale of a Class A multifamily property in Santa Ana’s East First Street Corridor. Built in 2016, the five-story property contains 264-units and two commercial units.
The buyer, an entity controlled by long-time Orange County-based investor Patrick Cadigan, was advised on the purchase by Tustin based Greenwood & McKenzie. Carl Greenwood and Jim McKenzie said the investment at 1901 is a special asset based on its quality and the high profile. “1901 E. First Street presented a tremendous opportunity to expand the Cadigan portfolio. Further, it afforded us the chance to secure a project less than one mile from our headquarters. We are excited along with our management team to oversee the continued maturation of this development,” they said in a statement.
The property’s layout communicates a “lifestyle” appeal with clean and modern design. The spacious floor plans feature up-to-date finishes and clean lines.
“This is one of nicest properties built in Santa Ana in last five years. The buyer recognized the asset quality of construction and the exceptional location. This is one of the largest sales this year for Orange County and an example of how investors are very excited about investing in Santa Ana. It is another example of our expertise with the Southern California 100 unit plus apartment market that our platform and team excels in,” said Shafer.
Community amenities include:
– Assigned parking
– Car charging station
– Fitness center
– Bike storage
– Business Center
– Pet friendly policy (dog-park and pet spa)
Apartment amenities include:
– Central heating and A/C
– Custom accent walls upon request
– In-home washer and dryer
– Oversized tubs
– Patio and/or balconies
– Recessed lighting
– Ceiling fans
– Quartz and marble countertops
– Walk-in closets, storage units
– Wood-grain finish flooring