Northmarq’s Shane Shafer arranges the largest sale in Orange County in 2022

NEWPORT BEACH, CALIFORNIA (February 7, 2022) – Northmarq’s Shane Shafer, managing director, Newport Beach, and his Newport Beach Investment Sales team has completed the first blockbuster transaction of 2022 in Orange County with the sale of The Bryant at Yorba Linda for $205,500,000. 

Northmarq represented the buyer, Interstate Equities Corporation from Los Altos, who acquired the five-star asset. At that price, this deal represents the largest deal to sell this first quarter and largest ever for Yorba Linda/Anaheim Hills. Driving the value and interest was the rare opportunity to acquire such a large asset in a one of the most affluent areas in Orange County. 

The Bryant at Yorba Linda is a 400-unit best-in-class core-plus asset built in 1986 in one of the most affluent areas of Orange County. Located on the northeastern border of Orange County in the city of Yorba Linda, the area is attractive to residents due to top-rated K-12 schools for their children as well as luxury living experiences such as hiking trails and beautiful golf courses. Strong market fundamentals such as an average income of nearly $160,000 bolsters The Bryant’s position as the alternative to home ownership for residents with high paying jobs due to the high cost of living, the median sale price of a single-family home is $1,053,000. 

The Bryant at Yorba Linda is a 400-unit garden-style apartment community located in Yorba Linda, CA. Adjacent to the intersection of CA-91 and CA-241, residents have quick access to multiple areas of Orange County as well as Los Angeles & the Inland Empire.

“This may be one of the most significant sales in Orange County in years to come. Rarely will you an asset like this go to market. The Bryant has irreplaceable asset quality with great spacious floorplans and low-density living experience. This was one of the most highly competitive deals I have sold in some time. The buyers recognized the outstanding location and enormous potential of the asset. It is rare to see a 100+ unit apartment sells in this area,” said Shafer.

The last time there was a sale in Yorba Linda of this size was when the seller bought the property originally. 

Resource REIT had owned the property and renovated it over the last few years by implementing a contemporary renovations program. The Bryant is the largest and one a few apartments in Yorba Linda. The asset quality and low-density construction was attractive to buyers looking to complete the renovation enhance the property further. 

Interstate Equities plans to continue implementing a contemporary renovation plan and is excited about seizing a rare opportunity to own and renovate a special property, with its location making it highly coveted by both institutional investors and private capital investors. 

This marks Shafer’s second large, recorded Orange County sale in the last 12 months, beating his 400-unit sale in Anaheim in 2021. “The market is active for large institutional Orange County properties. This record sale marks how much interest there is in these kinds of five-star assets. With investors having limited options that offer the kind of return and benefits that high quality Southern California apartments offer; we will continue to see sales at record levels. Who knows I may break this record again this year?” Shafer stated. 

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.