Orange County Apartment Complex Sells for $133M

Two multifamily investment firms have expanded their affordability efforts into Orange County, Calif., with the acquisition of a 402-unit workforce housing community.

Eagle Real Estate Partners and the Vistria Group put down $132.5 million for Crystal View Apartments at 12091 Bayport Street in Garden Grove. The deal extends affordability restrictions that were near expiration, which designate 20 percent of the units for households earning up to 50 percent of the area median income. It also adds a new long-term affordability commitment for another 30 percent of the units, which will be restricted to households earning up to 80 percent of AMI.

The partners also plan capital improvements to the nearly 60-year-old community.

“Crystal View represents the continued scaling of our attainable housing platform and expands our presence into Orange County, one of the most supply-constrained housing markets in the country,” Taylor Friend, managing partner of Eagle Real Estate, said in a statement.

Crystal View was built in 1968 and renovated in 2012. It includes 555 parking spaces and amenities such as a resort-style pool, a fitness center and a sports complex.

Newmark’s Geoff Boler and Jonathan Merhaut facilitated the deal for the L.A.-based Eagle Real Estate.

The deal marks Eagle’s third affordable housing preservation acquisition in the past year following its $107 million purchase of the 350-unit Hills at Hacienda Heights in Los Angeles County in November 2025, and its $162.5 million acquisition of the 551-unit Hendrix and Hadley Apartments in Escondido in March.

Meanwhile, Chicago-based Vistria manages about $17 billion in assets and invests across housing, health care, education and financial services.

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