The 4-year-old apartment complex Rize Irvine has traded hands for $190 million.
Sierra Village Associates was the buyer, according to CBRE, which represented the unidentified seller. The deal closed Oct. 18.
The complex, at the corner of Von Karman Avenue and Alton Parkway, has 363 units and luxury amenities including a two-story fitness center, cafe and community workspace, a pool and cabanas, two poolside lounges, a private deck on the fifth floor and a dog park.
Rent ranges from $2,706 to $3,988, according to listings at Apartments.com, for a 597-square-foot studio up to a 1,382-square-foot, three-bedroom apartment, of which there are just three.
The mix of floor plans includes 20 studios, 196 one-bedroom units, 144 two-bedroom units, and the aforementioned three-bedroom apartments.
The Irvine apartment sale comes just ahead of a deal announced by Chapman University, which bought the Anavia complex in Anaheim’s Platinum Triangle for $160 million. The university closed the deal for the five-story apartment community on Nov. 15
The Anaheim complex will add 800 beds for Chapman’s student body.
The deals come amid a time of rising rents for apartment dwellers. The pandemic spurred a lot of household movement, which pushed demand eastward to lower-cost communities, especially in the Inland Empire.
Now that work is resuming in more traditional settings, rent increases are expected to continue but at a smaller rate, according to a forecast from the USC’s Casden Multifamily Forecast.
The report also predicts higher vacancy rates through the summer of 2024. Tenants saw lease rates for vacant apartments rise by as much as 18% over the past year and a half.
MegaMex extends, expands HQ lease in Orange
MegaMex Foods is keeping its guac and salsa executives in Orange for the foreseeable future.
The Mexican food maker and subsidiary of Hormel Foods has extended its lease for 15,830 square feet. MegaMex added 3,167 square feet to its headquarters atop the TriCentre office tower, which sits practically inside the snarl of freeways known as the Orange Crush.
The company, which has called the 10-story building home since 2011, and owner Stanton Road Capital declined to provide terms of the lease.
MegaMex was bought by Herdez del Suerte and Hormel in a joint venture in 2009. The company makes and distributes the brands Herdez, Wholly Guacamole and La Victoria, to name just a few, which are sold in grocery stores across Southern California and the U.S.
Stanton Road Capital said it has put significant improvements into the office building since the firm bought it in 2019.
Recent projects include a renovated lobby and outdoor courtyard, which can be used as a second working space for tenants. Modernizing the elevators is also in the works.
IHP launches interest list for Utah community
Newport Beach-based IHP Capital Partners and Fieldstone Homes are debuting a new home development in Utah called Alpine Springs.
The collaboration will launch an interest list this week for the 63 single-family homes, which will be built on lots ranging from 9,000 square feet to 17,700 square feet in Saratoga Springs, Utah. Homes run from 3,231 square feet to 4,541 square feet.
Several floorplans include an option to add an accessory dwelling unit or a “renter suite.”
Prices were not available yet for the homes.
Staff writers Tess Sheets and Jeff Collins contributed to this report.
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.