By: Allan Harrington
A joint venture between Priya Living and an investment fund controlled by, or about $328,000 per unit, from PRC Newport LLC.
PRC, a holding company controlled by local investor Martin Campbell, had just acquired the property in July 2018 from another local owner for $26.5 million, or about $301,000 per unit, according to CoStar data.
The 80,960-square-foot multifamily property was built in 1962 on 5.1 acres in Orange County. Last renovated in 2003, the complex is comprised of 22 single-story residential buildings in addition to a clubhouse, fitness center, tenant lounge, swimming pool, picnic area, storage space and laundry facilities.
The buyers plan to update unit interiors and complete capital improvements to the exterior and common areas of the community. Priya Living is a San Francisco-based multifamily operator with a value-add business model of acquiring under-valued assets and transforming them into modern properties catering specifically to people in the Asian and Indian communities.
In connection with the sale, the buyers secured a new $26 million bridge loan provided by VMC Lender LLC. The financing package caries a 24-month, interest-only term.
Tyler Leeson with Marcus & Millichap represented both the buyer and the seller in the latest deal. In the 2018 sale, Leeson represented the buyer while Michael Presicci with American Capital Realty Group represented the seller.
Please see CoStar COMPS #4628885 and #4458361 for additional information on these two transactions.
This marks at least the third time Leeson has brokered the sale of this property, including a July 2015 transaction that saw the property trade at $20.9 million.