Bridge Investment Group Pays $129M for Orange County Multifamily Complex

A 406-unit multifamily complex in Santa Ana, Calif., has traded hands in one of the biggest multifamily deals of the year so far in Orange County.

Salt Lake City-based Bridge Investment Group paid $129.2 million to the Bascom Group for Horizon Apartments, according to the Orange County Business Journal. The deal works out to about $318,000 per unit. 

Built in 1972 and renovated in 2018, Horizon Apartment Homes is at 2414 North Tustin Avenue, just east of Fairhaven Memorial Park cemetery. Bridge has partnered with Los Angeles-based Ethos Real Estate to preserve at least half of the complex as affordable housing. 

“This investment helps reduce displacement and keeps existing communities intact while also providing needed upgrades to our aging housing stock,” Jennifer Keith, Ethos co-founder and managing partner, said in a statement. 

Representatives for Bridge and for Bascom did not immediately respond to requests for comment. 

The sale is among several other high-dollar multifamily deals in Orange County this year, such as Palos Verdes Investments’ $79 million February purchase of the 254-unit Chateau de Ville in Anaheim, and A&M Properties’ $127 million buy of the 310-unit Regency Palms in Huntington Beach in January. 

Though neither hold a candle to Advanced Real Estate’s $234 million deal late last year for a 714-unit complex in Costa Mesa, which it renamed The Grand Costa Mesa. On top of the sale price, the property is set to undergo an additional $45 million worth of renovations.

Nick Trombola can be reached at ntrombola@commercialobserver.com.