Press Release

CBRE ANNOUCES THE SALE OF SEACREST APARTMENT HOMES IN SAN CLEMENTE, CA TO TA REALTY

05 11月 2018

seacrestpost

The transaction marks the largest Orange County multifamily deal in 2018

CBRE announced the sale of Seacrest Apartment Homes in San Clemente, CA to TA Realty in the largest Orange County multifamily sale this year.

Stewart Weston, Dean Zander and John Montakab of CBRE represented the seller, Western National Group, a fully-integrated multifamily acquisition, development, construction and property management firm, on behalf of Western National Realty Fund II, L.P. The self-represented buyer was TA Realty, a real estate investment firm based in Newport Beach, CA.

This 368-unit apartment community, located at 240 Avenida Vista Montana in South Orange County, consists of one- and two-bedroom floor plans. The property features ocean views, resort-style swimming pools and spas, a resident clubhouse with kitchen, BBQ and picnic areas, a business center, laundry facilities, and an open-air fitness center.

“Seacrest was already achieving very competitive rents within the submarket but by articulating and clearly defining a value-add strategy, we were able to demonstrate considerable upside,” said Zander. “Various investors underwrote a renovation ranging between $25,000 and $40,000 per unit or more in order to position Seacrest as the truly best-in-class housing option for a coastal Orange County location.”

He added, “TA recognized and took advantage of this opportunity and plans to upgrade the interiors and common areas to appeal to the ‘renters by choice’ population.”

Built in 1988, Seacrest is one of only four properties with more than 100 units in San Clemente. It sits within 5 miles of several beaches, golf courses, and coastal trails, and is  located within favorable demographics which include 83% of the population having a college education, a median household income of $101,018, and a median home value of $930,000.

“Seacrest Apartment Homes represents the largest trade for a multifamily property in Orange County this year,” said Weston. “It signalizes the rarity of the offering. With only four properties of 100 units or greater and no new apartment developments in San Clemente, Seacrest is an irreplaceable asset.”

Rent growth across Orange County has continued due to the shortage of available inventory, high home prices, and the influx of Millennials into the renter pool, according to CBRE research. Orange County’s population is set to grow from 3.2 million today to 3.5 million by 2040, which is likely to continue to drive demand for apartments.
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.