TruAmerica Multifamily is expanding with a purchase of a $103 million apartment complex in Orange County, Calif., the company announced Tuesday. The Class A, 264-unit property known as Nineteen01 was acquired in partnership with investment management firm PCCP at a “significant discount to replacement cost,” according to the company. Nineteen01 joins three other sites that Commercial Observer Read More Channel, Residential, Sales, 1901 East First Street, Nineteen01, Orange County, Robert E. Hart, Santa Ana, Santa Ana Regional Transportation Center, California, Southern California, PCCP, TruAmerica Multifamily
The Class A, 264-unit property known as Nineteen01 was acquired in partnership with investment management firm PCCP at a “significant discount to replacement cost,” according to the company. Nineteen01 joins three other sites that TruAmerica owns and manages in Orange County.
“The city of Santa Ana is undergoing significant revitalization, including the development of the nearby Santa Ana Regional Transportation Center, a planned streetcar system, and a proposed state-of-the-art soccer stadium,” Robert E. Hart, TruAmerica’s CEO, president and founder, said in a statement. “We believe this property fits nicely with the city’s plans for the future.”
Nick Trombola can be reached at NTrombola@commercialobserver.com.
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
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