Park Midrise Luxury Apartments

N/AThe Leeson Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Park Midrise Luxury Apartments, a 63-unit multifamily investment property located at 518 East Pine Street, Santa Ana, CA. Built in 1986, Park Midrise features three floors of residential units situated above a spacious subterranean parking garage offering approximately 150 parking spaces. The property’s attractive mix of studio, one-bedroom, and two-bedroom floor plans help to attract a diverse renter pool. Additionally, residents enjoy amenities including controlled access, a large common courtyard, three on-site laundry facilities, and an elevator. Furthermore, select units have been renovated to high standards, allowing current ownership to achieve substantial rental premiums compared to non-renovated units. New ownership could potentially achieve significant upside through the continuation of the in-place unit renovation program. Park Midrise Luxury Apartments benefits from its excellent central Santa Ana location just south of Downtown Santa Ana and its bustling 4th Street, providing residents with convenient access to a plethora of retail, dining, and entertainment options. Additionally, the property is within walking distance of Downtown Plaza, granting residents easy access to everyday needs. Park Midrise Luxury Apartments is located within a 1-mile radius of all three levels of schooling, including Lowell Elementary School, Lathrop Intermediate School, and Santa Ana High School. Furthermore, the property is just over 1.50 miles from Santa Ana College, the 3rd top employer within the city per Santa Ana’s 2023 Annual Comprehensive Financial Report. Residents enjoy Park Midrise Luxury Apartment’s close proximity to Interstate 5 and State Route 55, connecting residents to employment hubs throughout Southern California. Given the property’s high-quality unit finishes and close proximity to Santa Ana’s most popular destinations, Park Midrise Luxury Apartments is well suited to provide investors with strong returns over the long-term investment horizon.