Union Place is a core 125-unit multifamily community built in 2012 that was originally designed as condominiums and is only one of three buildings over 100 units that was built in the past 35 years in Placentia, CA (North Orange County). The asset offers private garage parking for every unit, large average unit sizes of 1,238 square feet, in-unit washer and dryers, and is comprised of primarily large 2-bedroom and 3-bedroom units making this a product type in high demand that is distinguished from other rental communities in the submarket.
Limited new deliveries in North Orange County have contributed to making this one of the best performing submarkets in Orange County as it has consistently sustained high occupancy rates and above-average rent growth. Since 2018, occupancy rates and rent growth have averaged 97% and 6% respectively according to Axiometrics. Within a 5-mile radius, only ten multifamily properties over 100 units have been delivered to this submarket since 2000. Union Place’s location and proximity to 3 major freeways (Fwy 55, Fwy 57, Fwy 91) provides residents with access to employment corridors in Orange County, Inland Empire, and the San Gabriel Valley. Placentia has an average household income of approximately $147,000 and has one of the highly coveted school districts in California.
The property offers 125 garages and 158 open spaces offering a parking ratio of 2.26 spaces for every unit along with a pool, fitness center, BBQ areas, playground, and controlled entry access. Interior units have granite countertops, stainless steel appliances, wood-style flooring, laundry rooms with in-unit washer and dryers, 9-foot ceilings, private balcony/patio, and walk-in closets. To date, the unit interiors remain in their original condition and offers a great opportunity to realize significant upside by implementing a renovation program to the unit interiors and making common area amenity upgrades.