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    Real estate news: Home billed as ‘Chapman housing’ sells for $1.8 million in Orange
    • October 20, 2023

    A modest home billed as “Chapman student housing” in the city of Orange sold in late September for $1,774,500.

    Shane Young and Dan Lewin of Young Lewin Advisors brokered the purchase, which equaled $295,833 “per bedroom.”

    Also see: California reinstates ADU sales separate from primary home

    The house on N. Waverly Street, not far from an elementary school and half a mile from Chapman University, recently upgraded to six bedrooms with an additional dwelling unit.

    The property was sold to Nile Pacific Realty LLC in Tustin, according to property records.

    Retail news: Orange getting its second Goodwill, replacing a shuttered Big Lots

    Young Lewin Advisors said students who live in the home pay $9,600 monthly.

    This eight-unit apartment property at 10772 Palma Vista Ave. sold for $1.87 million or $233,125 per unit. (Photo courtesy of CBRE)

    This six-unit apartment building at 10772 Palma Vista Ave. in Garden Grove sold for $1.87 million or $233,125 per unit. (Photo courtesy of CBRE)

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    Multifamily deals in Garden Grove land $3.3 million

    Pivoting west to Garden Grove, two small rental properties recently sold for a combined $3.3 million, according to CBRE.

    The properties sold to separate unidentified buyers.

    The first building at 10772 Palma Vista Ave. sold for $1.87 million or $233,125 per unit. The buyer of the 62-year-old building was identified as an investor from Los Angeles County; the seller was based in San Diego County.

    The two-story, 4,864-square-foot building completed in 1961 has eight one-bedroom units.

    CBRE said it generated multiple offers and went “non-contingent on day one.”

    The investor who bought 10772 Palma Vista Avenue “was a repeat client with a track record of purchasing several assets within Orange County and Southern California,” according to Dan Blackwell at CBRE.

    In the second transaction, a six-unit property — across the street from the first property — at 10761 Palma Vista Ave. sold for $1.44 million. That’s $240,000 per unit.

    The two-story, 5,320-square-foot building also was completed in 1961 and has all one-bedroom units.

    The seller was based in Orange County, and the buyer was a repeat client of CBRE’s from Newport Beach.

    This eight-unit apartment building in Santa Ana sold for $2.2 million or $239,000 per unit. Standard Avenue Apartments includes a 6,589 square-foot building at 1401 S. Standard Ave. (Photo courtesy of Marcus & Millichap)

    8 units in Santa Ana sell for $2.2 million

    Tracking south to Santa Ana, an eight-unit apartment building sold for $2.2 million or $239,000 per unit, according to Marcus & Millichap.

    Standard Avenue Apartments includes a 6,589-square-foot building at 1401 S. Standard Ave.

    The complex will “provide the buyer with strong returns and value appreciation over the long-term investment horizon,” said Greg Bassirpou at Marcus & Millichap.

    An 80-year ground lease for Nohl Plaza in Orange was sold to Regency Centers for $25.3 million. (Photo courtesy of Institutional Property Advisors)

    Von’s shopping center in Orange sold, getting an upgrade

    An 80-year ground lease for Nohl Plaza in Orange sold for $25.3 million, according to Institutional Property Advisors.

    The new ground interest lease owner, Regency Centers, is looking to upgrade the 103,639-square-foot Vons-anchored shopping center, IPA said.

    The company bought the lease from a family trust.

    “Having purchased the property in 1989, the sale of this generational asset was emotional for the sellers, but they are thrilled with the exceptional price and … the buyer,” said Tom Lagos, IPA executive director. “Regency saw an opportunity to upgrade the property, fine-tune the tenant mix and utilize its unique approach to operating grocer-anchored shopping centers to enhance the customer experience.”

    The shopping center is at the intersection of Lincoln Avenue and Tustin St. and was built between 1966 and 1979 on 10-plus acres. The tenants include Starbucks, Del Taco, Bank of America, the Tartan Room restaurant and a Union 76 gas station.

    “This sale represents a trend we’re seeing where demand for high-quality retail properties on the West Coast is sustaining strong values despite rising interest rates,” said Patrick Toomey at IPA, a division of Marcus & Millichap. “This trend, also known as a scarcity premium, will hold until supply meets demand.”

    Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at [email protected]. Please allow at least a week for publication. All items are subject to editing for clarity and length.

    ​ Orange County Register 

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