Nuveen Pays $168M for 290 Units in Record Sale for Orange County

Intracorp developed the AmpliFi Apartments with Grosvenor Americas

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Pick one up and put one down.

Nuveen Real Estate has acquired a 290-unit luxury apartment community in Orange County, Calif., Commercial Observer has learned, just a day after CO reported the same firm sold a 354-unit property in Simi Valley for $101.8 million.

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Multifamily developer Intracorp announced it sold the Orange County complex for $168 million. AmpliFi Apartments is located at 600 West Commonwealth Avenue in the city of Fullerton, north of Anaheim.

Brad Perozzi, president of Intracorp’s Southern California division, said it’s the highest price-per-unit sale ever of a market-rate multifamily community in Orange County. The sale pencils out to about $579,310 per unit. In contrast, the median sale price per unit overall in Orange County was $350,292 after the third quarter, according to a report from NAI Capital.

“While we could not have anticipated that the initial leasing of the property would occur during an unprecedented pandemic, AmpliFi meeting our core demographic is the best development execution I have witnessed in 25 years,” Perozzi said. “The community reached stabilization in less than 10 months, with an average of more than 30 leases per month.”

That pace is all the more interesting due to the rent figures coming out of Orange County. The area’s average asking rent jumped 17 percent in the past year, to $2,398 a month, according to NAI Capital. (Compare that to Los Angeles County’s $2,017 per unit.)

Intracorp developed AmpliFi Apartments with Grosvenor Americas. The community is made up of studios, and one-, two- and three-bedroom units. The property features a pool, retail space, a business center, a clubhouse, a fitness center and a spa. 

Intracorp has developed more than 22,000 homes in 176 communities nationwide. Meanwhile, Nuveen has been active across different sectors in Southern California. Before selling the Waterstone Apartments in Simi Valley, Nuveen paid $60 million in August for a fully leased industrial site in the Inland Empire. And, in the spring, CO reported Nuveen’s plan to acquire Comcast’s new esports studio on the Glendale-Burbank border for about $53.5 million.

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.