Solare Apartments, a 240-unit apartment complex in Santa Ana, has been sold for $63.75 million, or $265,625 per unit, according to Marcus & Millichap, which handled the sale.
Tyler Leeson and Matthew Kipp at M&M represented the buyer, Advanced Real Estate Services. The seller was unidentified.
“Given the very limited velocity of larger apartment buildings selling in 2020, Solare Apartments represents a rare sale within the Orange County market,” Leeson said in a statement. “The asset is well-positioned for the new ownership to further enhance the property and continue to attract affluent renters to the complex.”
The complex was built in 1987 on 9 acres near the Riverview Golf Course. It offers a mix of one-, two- and three-bedroom units, some with renovated interiors and bamboo-vinyl flooring. Community amenities include two swimming pools and a fitness center.
R.D. Olson works wraps in Menifee
Irvine-based R.D. Olson Construction has finished work on Artesa at Menifee Town Center, a 330-unit apartment complex in Menifee.
The MBK complex was built in 10 phases and includes 37 apartment buildings and two clubhouses.
Rents range from $1,815 for an 800-square-foot one-bedroom, one-bath unit to $2,669 for a three-bedroom, two-bathroom unit.
With eight floor plans, the apartments come with luxury amenities such as quartz countertops, smart thermostats, gourmet kitchens with prep islands, custom cabinetry, contemporary lighting, covered patios, ceiling fans, wood-style flooring, in-home laundry and stainless steel appliances.
All units also have access to a private garage and select units have vaulted ceilings and direct garage access.
R.D. Olson Construction and MBK Rental Living partnered with SummA Architecture, Gouvis Engineering, Alliance Land Planning and Sitescapes on the project.
Shopoff sells in New Mexico
Irvine-based Shopoff Realty Investments has sold 74 acres of land in Taos Ski Valley, New Mexico, to the Taos Land and Cattle Company I, LLC, owned by Robert F. Corroon Jr.
Terms were not disclosed.
Shopoff acquired the property in 2017 and was planning a luxury resort with two boutique hotels and associated vacation villas.
“Located in New Mexico’s premier skiing destination, this unique property has a lot of potential for the buyer who is already a large landowner in the area,” William Shopoff, president and chief executive, said in a statement.
New advisory firm
Irvine-based Land Advisors Organization has partnered with Clarity Real Estate Advisors, creating Clarity Real Estate Advisors.
Clarity, with offices in Irvine, will be led by Pete Reeb and Adam Artunian.
The firm will offer clients buying and investing guidance and data analysis related to trends, price and pace evaluations, project feasibility, product segmentation, buyer profiles and preferences, and supply and demand conditions.
Hanley Investment Group Real Estate Advisors in Corona del Mar raised $25,360 during its annual Movember campaign.
This marks Hanley Investment Group’s 10th consecutive year growing a mustache in the month of November to raise awareness and funds for prostate cancer, testicular cancer, mental health and suicide prevention.
The firm has raised more than $268,000 for the Movember movement since 2011.
This year, HIG had face masks printed with a moustache so the company’s moustache-growing, Movember awareness campaign and fundraiser wouldn’t go unnoticed.
Movember is best known for its annual fundraising campaign that takes place every November. It funds various projects and receives donations year-round. During Movember, men start Nov. 1 clean-shaven and grow a moustache for the month, getting friends, family and colleagues to donate to their effort.
People on the move
The Mission Viejo office of Coldwell Banker Realty has welcomed Mike DeMore, Rich Griffin, Noah Bradley Lett, and Ron Starzyk to its team.
Previously, Lett was a deputy sheriff for the Orange County Sheriff’s Department. Former Mission Viejo finance commissioner DeMore was previously the national sales manager for Healthnow Administrative Services. Griffin was previously an agent with Harcourts Prime Properties, and Starzyk was the sales manager of the Western United States for Jet Letter Corp.
Newport Beach-based homebuilder Trumark Homes was recently recognized at the SoCal Honors 2020 in the Outstanding Attached Home Design – Building category for its West Village community in Brea.
The 2020 SoCal Honors celebrates the work of the Building Industry Association of California’s members.
Designed with Bassenian Lagoni Architects, West Village is one of Trumark’s four communities selling in Southern California. It offers three-story townhomes using a concept called TruFlex. This design layout concept enables homeowners to select from a variety of layouts, creating a custom home that fits their lifestyle.
Real estate transactions, leases and new projects, industry hires, new ventures and upcoming events are compiled from press releases by contributing writer Karen Levin. Submit items and high-resolution photos via email to Business Editor Samantha Gowen at email@example.com. Please allow at least a week for publication. All items are subject to editing for clarity and length.