The sale of an apartment building — less than 10 miles from the Pacific Ocean and near a large job cluster — reflects the strong interest in this type of property in Orange County, California. The 363-unit Rize Irvine at 1100 Synergy in Irvine, California, sold for $190 million, or about $523,000 a unit.
Completed in October 2022, the deal was the largest single-asset core multifamily sale in Orange County since 2016. The transaction also won a CoStar Impact Award for sale of the year in Orange County after being selected by a panel of local industry professionals.
The buyer was Sierra Village Associates and the seller was private real estate company Fairfield Residential.
Amenities at the apartments include a 2-story fitness club, social lounge, private deck, pool, dog park and interior lounges. The apartments have walk-in closets, washers and dryers, quartz countertops, steel appliances and more.
The apartments were built in January 2018.
About the Project: Sierra Village Associates bought the 363-unit Rize Irvine at 1100 Synergy in Irvine, California, for $190 million, or about $523,000 a unit.
What the Judges Said: "As a newly built institutional multi-family property with first-class amenities, this sale demonstrated the appetite by large institutional buyers for a property that will continue to achieve some of the highest rents in the market," said Tom Abel, first vice president of CBRE.
They Made It Happen: CBRE's Stewart Weston and Dean Zander