Interstate Equities Corp. Buys 400 Units for $206M
The sale is the largest deal so far this year in Orange County
Major multifamily deals are rolling in amid a surge of investment in Southern California.
Latest case in point: Los Altos-based Interstate Equities Corporation acquired The Bryant at Yorba Linda on the northeastern border of Orange County for $205.5 million. Resource REIT — which was recently acquired by Blackstone for $3.7 billion — sold the 400-unit property. Interstate Equities plans to continue an ongoing renovation plan.
Northmarq’s Shane Shafer announced the deal and represented the buyer.
The Bryant was completed in 1986 at 25550 River Bend Road. It’s the largest apartment complex in the city of Yorba Linda, and the sale is the largest commercial real estate deal so far in the first quarter in Orange County, according to Northmarq. It’s also the largest ever sale in Yorba Linda, beating out the transaction when the seller originally acquired the property.
“This was one of the most highly competitive deals I have sold in some time,” Shafer said. “The buyers recognized the outstanding location and enormous potential of the asset. It is rare to see a 100-plus-unit apartment sell in this area.”
Multifamily investment activity surged nationwide in 2021 and brisk activity is likely in the next few quarters as well, as investors’ appetites for high-performing properties have increased, according to Northmarq’s 2022 outlook.
“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,” Shafer stated.
In November, Interstate Equities Corporation paid $39.75 million for a 119-unit property in Ventura County.
Gregory Cornfield can be reached at firstname.lastname@example.org.