Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Monterra Springs Apartment Homes, a 111- unit multifamily investment property located in La Habra, CA. This is a unique and rare opportunity to acquire an institutionally sized asset with proven value-add potential in La Habra, a submarket with limited historical transactional velocity.
La Habra enjoys a strong resident base of highly educated, highincome wage earners with an average household income in excess of $100,000 a year. Moreover, the combination of highly regarded public schools, proximity to employment centers, and a widening home affordability gap in the marketplace has led to consistently strong demand for rental units. As a result of continued demand in the La Habra submarket, Marcus & Millichap Research Services and Realpage, Inc. project an average rent growth of 3.3 percent through 2024, while occupancy levels are estimated to average 96 percent over the same period.
Approximately 67.5 percent of the property’s 111 units have been completely renovated, helping management to achieve substantial rental premiums. A new owner will have the opportunity to achieve further rental upside through the continuation of this comprehensive interior renovation program. As proven by the rental gains on the renovated units, modernizing the apartment interiors will elevate Monterra Springs Apartment Homes to a higher standard of rental living and yield investors a substantial monthly rental premium.
Ideally positioned at the crossroads between Los Angeles County and Orange County, Monterra Springs Apartment Homes is poised to capture the benefits of a solid rental market and enjoy future growth. The asset is being offered free and clear of debt encumbrances, allowing an investor to take advantage of today’s historically low interest rates.