NEWPORT BEACH, CALIFORNIA (July 7, 2022) – Northmarq’s Shane Shafer, managing director, Newport Beach, and Bryan Schellinger, managing director, Nashville (formerly based in Los Angeles) have completed the $27 million sale of Sherry Lane Garden Apartment Homes. The property is located at 1920 Sherry Lane in Santa Ana, California.
Northmarq represented the seller, Montgomery Partners, who sold the highly desirable, single-story, low-density asset after executing on their business plan over a 5-year hold period. Montgomery Partners had completed various community enhancements over the last few years, including a comprehensive renovation of the unit interiors and achieved significant rent premiums on over 40% of the units, since acquiring the asset. The buyer plans to expand upon the enhancements already completed and continue the renovation program upon turnover.
Sherry Lane Garden Homes is comprised of sixty-two (62) well-designed and spacious single-story two-bedroom/two-bath apartment homes located in Santa Ana, California. Built in 1964, the community is supremely situated on a 6.3-acre parcel in one of the best areas of Santa Ana.
“This sale was significant because it shows that despite volatility in the debt markets, buyers are still seeking quality buildings in superior submarkets,” said Shafer.
Multifamily investment activity surged in 2022 and increased activity is likely in the next few quarters as well, as investor’s appetites for high-performing properties have increased. Read more about the overall multifamily market in Northmarq’s recently released National Multifamily Family 2022 Outlook.