Intracorp Sells Fullerton Multifamily Project For Per-Unit OC Record
A 290-unit multifamily project in Fullerton has traded in a record Orange County deal on a per-unit basis.
Multifamily developer Intracorp sold the AmpliFi Apartments, a newly built luxury apartment complex, for $168M. The sale price works out to $579,310 per unit, an all-time record for the highest per-unit figure among Orange County multifamily transactions, according to Intracorp.
The deal tops one last month in which a Laguna Niguel complex sold for $163M, or $545K per unit, The Real Deal reported.
The AmpliFi buyer wasn't disclosed, and public records don't yet reflect the sale.
The apartment property at 600 West Commonwealth was built in 2019 and stabilized in less than 10 months, with an average of 30 leases signed each month, a release from Intracorp said. Located near downtown Fullerton, the apartment building features a business center with private offices, a coffee bar and three rooftop decks. Rents at the project are reported to start at $2,680 per month.
Orange County’s rental market is one of rising rents and diminishing vacancy, with annual rents jumping 14.4% this year, well above the five-year average of 4.5% per year, a Q3 2021 report from Avison Young found. Asking rents during the quarter reached a monthly average of $2,334, the highest on record for the market, according to Avison Young. The report found vacancy in the area is 2%, a drop from 2.8% in Q2 of the same year and a big drop compared to Orange County’s three-year average of 4.2%.
A November report from University of Southern California forecast rents will go up by more than $400 in the next two years in Orange County, citing renter preferences for more suburban locations.
