Introduction to Crescent Heights’ Latest Acquisition
Crescent Heights has bought a 350-unit luxury apartment complex in Santa Ana for $240 million.
The Miami-based investor led by Sonny Kahn, Russell Galbut and Bruce Menin bought the two-building Skyline at MacArthur Place at 15 MacArthur Place, near the interchange for the 405 and 55 freeways, the Orange County Business Journal reported, citing CoStar.
The seller of the 25-story towers was San Mateo-based Essex Property Trust. The deal works out to $685,714 per unit.
History of the Property
In 2010, Essex and an unidentified partner bought the new 512,800-square-foot complex for $128 million, or $365,714 per unit. The firm then converted its condominiums to apartments, according to a Business Journal report.
Two years later, Essex bought the remaining 50 percent stake for $85 million, or $485,714 per unit, the priciest multifamily sale in OC in 2012. The entire complex was then valued at $170 million.
Features of the Skyline at MacArthur Place
The Skyline at MacArthur Place, built in 2010, includes two rectangular towers. It has a concierge, a fitness center, a junior Olympic pool, a sauna and spas, a community lake and a dog park.
Its apartments have high ceilings, balconies, hardwood floors, fireplaces, island kitchens, stainless appliances and washers and driers, according to Apartments.com.
Rental Prices and Comparison
Monthly rents range from $2,908 for a one-bedroom to $7,718 for a two-bedroom apartment, depending on the size, with three-bedroom units available for $5,000 a month, according to uhomes.com.
Luxury apartment properties in greater Los Angeles are fetching large sums.
Famh Group, a Sherman Oaks unit of Tokyo-based Kabushiki Kaisha FAMH Group, just bought a 78-unit apartment complex in Brentwood for $58.1 million, or $744,872 per unit, as The Real Deal reported. It was the highest price per unit paid in the L.A.-area in more than three years, according to its broker.
In November, Salt Lake City-based Bridge Investment Group bought a 406-unit apartment complex at 2414 North Tustin Avenue in Santa Ana for $129.2 million, or $318,227 per unit.
Recent Developments in the Area
Newport Center targeted for affordable housing development
Newport Beach apartment complex to expand at a cost of $800K per unit
Bridge Investment pays $129M to buy 406-unit complex in Santa Ana
Conclusion
The acquisition of the Skyline at MacArthur Place by Crescent Heights marks a significant investment in the South Coast Metro area of Orange County. The luxury apartment complex offers high-end amenities and spacious units, attracting renters willing to pay premium prices. This deal reflects the growing demand for luxury apartments in the Los Angeles area, with investors willing to pay top dollar for prime properties.
FAQs
Q: Who bought the Skyline at MacArthur Place?
A: Crescent Heights, a Miami-based investor, bought the 350-unit luxury apartment complex for $240 million.
Q: What amenities does the Skyline at MacArthur Place offer?
A: The complex features a concierge, fitness center, junior Olympic pool, sauna and spas, community lake, and dog park, among other amenities.
Q: What are the rental prices for the apartments?
A: Monthly rents range from $2,908 for a one-bedroom to $7,718 for a two-bedroom apartment, depending on the size.
Q: What is the significance of this acquisition?
A: The deal reflects the growing demand for luxury apartments in the Los Angeles area, with investors willing to pay top dollar for prime properties.
