Four-year-old Rize Irvine apartment complex sold for $190 million.
According to CBRE, Sierra Village Associates was the buyer and CBRE represented an unidentified seller. The deal he completed on October 18th.
Located on the corner of Von Karman Avenue and Alton Parkway, the complex features 363 units, a two-level fitness center, cafe and community workspace, pool and cabanas, two poolside lounges, private decks on the fifth floor, dog park.
Rent ranges from $2,706 to $3,988, According to the listing on Apartments.comfrom a 597-square-foot studio to a 1,382-square-foot three-bedroom apartment, just three of them.
The floorplan mix includes 20 studios, 196 one-bedroom units, 144 two-bedroom units, and the aforementioned three-bedroom apartments.
Irvine apartment sales come last minute Agreement announced by Chapman Universitypurchased the Anavia Complex in Anaheim’s Platinum Triangle for $160 million. The university signed him on November 15th for a five-story apartment community.
The Anaheim complex adds 800 beds for Chapman’s student body.
The deal comes at a time of rising rents for apartment dwellers. The pandemic has spurred the movement of many households, driving demand for low-cost communities in the East, especially in the Inland Empire.
Now that work has resumed in a more traditional environment, rents are expected to continue rising, but at a slower pace. According to projections from USC’s Casden Multifamily Forecast.
The report also projects an increase in vacancy rates through the summer of 2024. Tenants see rents for vacant apartments rise by 18% in the past year and a half.
MegaMex Extends, Expands Orange HQ Lease
MegaMex Foods is keeping its guacamole and salsa cadres in orange for the time being.
A subsidiary of Hormel Foods, a Mexican food manufacturer, has extended a lease on 15,830 square feet. MegaMex has added 3,167 square feet to his headquarters at the top of the TriCentre office tower. The TriCentre office tower sits in the freeway swell known as the Orange Crush.
The company has called the 10-story building home since 2011, and owner Stanton Road Capital declined to provide terms for a lease.
MegaMex was acquired by Herdez del Suerte and Hormel in a joint venture in 2009. The company manufactures and markets his Herdez, Wholly Guacamole, La Victoria, and other brands, which are sold in grocery stores in Southern California and the United States.
Stanton Road Capital said it has made significant improvements to its office building since its acquisition in 2019.
A recent project includes a renovated lobby and outdoor courtyard that can be used as a second working space for tenants. Elevator modernization is also underway.
IHP Launches Utah Community Interest List
Newport Beach-based IHP Capital Partners and Fieldstone Homes are launching a new Utah residential development called Alpine Springs.
The collaboration will launch an interest list this week for 63 single-family homes to be built on lots ranging from 9,000 square feet to 17,700 square feet in Saratoga Springs, Utah. Homes range in size from 3,231 to 4,541 square feet.
Some floor plans include the option to add attached living units or “rental suites.”
The price of the house was not yet available.
Staff writers Tess Sheets and Jeff Collins contributed to this report.
Real estate deals, leasing, new projects, industry jobs, new businesses and upcoming events are compiled from press releases by contributing writer Karen Levin. Email your product and high resolution photos to Business Her Editor Samantha Her Gowen. [email protected]Please allow at least a week for publication. All items may be edited for clarity and length.