In one of the largest multifamily sales in Orange County for 2018, Texas-based Olympus Property purchased Fusion Apartments, a 280-unit residential community in Irvine. The asset was sold by Georgia-based 360 Residential in a deal worth $118.5 mil ($423k/unit).
Fusion is located at 17321 Murphy Ave, just off Jamboree Rd between Barranca Pkwy and the 405 Fwy. The 3.5-acre property is ideally situated in the heart of the Irvine Business Complex, just miles from a plethora of shopping and dining options, beaches, parks and John Wayne Airport.
Fusion was in lease-up at the time of sale. The property features state-of-the-art finishes and a variety of high-end amenities, including a Zen garden, koi pond, a 14k sf rooftop deck with a clubroom, fitness center, swimming pool, spa, fire features, cabanas, and barbecue.
Stewart Weston, Dean Zander, John Montakab and Paul Berry of CBRE represented both parties in the transaction. As reported on RENTV at the time, Weston, Zander, and Montakab recently facilitated another significant sale, Seacrest Apartment Homes, which marked the biggest multifamily transaction of 2018 for Orange County.
“Fusion is a true Class A asset and sets the standard for high-end living, offering the first rooftop amenity package in the submarket,” said Weston. “With average incomes surpassing $140,000 a year, the demand for luxury rental housing in the area is surpassing supply. This fact is demonstrated by the execution of nearly 20 leases at Fusion each month.”
Due to the shortage of available inventory, high single-home prices and the rising influx of Millennials, Orange County continues to experience significant rent growth. This has continued to buoy investor interest in the sector, with the number of multifamily asset acquisitions having increased 13.5% year-over-year, according to CBRE research. As Orange County’s population is set to grow from 3.2 million today to 3.5 million by 2040, demand for apartments is likely to continue.
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