Highland View Apartment Homes

Santa Ana, California, is a vibrant city located in Orange County with a population of around 310,000 people. It has a diverse demographic, with a significant Hispanic and Latino population comprising about 77% of its residents. The city has a median household income of approximately $65,000, and the employment landscape is driven by several large employers, including the County of Orange, Ingram Micro, and First American Financial Corporation. Santa Ana is home to bustling entertainment and shopping districts, including the MainPlace Mall and the Downtown Santa Ana Artwalk, which highlights the city’s rich cultural scene. With ongoing urban development, the city sees new residential and commercial projects aimed at revitalization. A significant portion of Santa Ana's residents are renters—about 54%—with numerous rental units available, reflecting the city’s relatively high demand for affordable housing. However, homeownership remains lower than the national average, with approximately 46% of residents owning homes.Morgan Skenderian is pleased to present 926 W. Highland Street, a 14-unit apartment complex located in the premium rental market of Santa Ana. The property was built in 1987 and presents an excellent investment opportunity, especially given the recent capital improvements including all new walkways & balconies (SB721 Compliant), a new roof, all new fascia boards, rain gutters, and a resurfaced driveway. With 71% of the units being two-bedroom apartments and its proximity to several elementary schools and the Boys and Girls Club, the property appeals to families and long-term renters. Currently offering an 11.53 GRM and a 6.1% CAP rate, it provides solid cash flow, with additional potential for growth. The projected ±27% rental upside in rents indicates significant value-add opportunities, particularly as 10 out of the 14 interiors have already been renovated and approximately 50% of the water heaters have been replaced. This leaves room for further modernization and rent increases, positioning the property for even greater returns in a high-demand rental market.