Santa Ana Apartments, Gas Station Sell for $43 Million

Two buyers snapped up an 8-acre property with housing, a gas station and a karate studio in Santa Ana.

The 210 apartment units and karate studio sold to an unnamed Newport Beach investor, while another bought the gas station, the Orange County Register reported. The properties sold for a combined $43 million.

Chris Keramati, Justin Schneider and Gustavo Fimbres of Newport Beach-based Triqor Group brokered the transaction, representing a family trust that owned the property, which has a ground lease dating back to 1965. That ground lease was set to expire in May, prompting the family trust to list the property for sale late last year after fielding offers from several potential buyers.

The addresses are 1221 Beechwood Street, 2320-2340 North Grand Avenue and 1220 East Santa Clara Avenue. The buyer of the apartments plans to invest in upgrades, Triqor told the outlet.

The 60-year-old property sits on a site that was once an orange grove. A family bought the site in 1965 and chose to sign a ground lease with a developer who built the apartments.

Other multifamily properties have traded hands elsewhere in Orange County in recent months.

In June, San Diego-based MG Properties paid $144 million, or $458,600 per unit, for Citron, a 314-unit residential complex at 901 East South Street in Anaheim. The four-story buildings were developed in 2023 by Anton DevCo and feature one-, two- and three-bedroom apartments as well as 32,000 square feet of courtyard space, a theater lawn, pool, spa and an indoor and outdoor fitness center.

Last month, a 22-unit apartment property in Costa Mesa sold for nearly $9.6 million, or $434,845 per unit. The buyer of the property, at 313 and 325 East 17th Place, was reportedly an unidentified investor in Fountain Valley; the seller was also not named. The sale marked the first time in 25 years that the property traded hands, the outlet said. That two-story garden-style complex includes six one-bedroom units and 16 two-bedroom units across two parcels spanning 18,400 square feet, as well as eight single-car garages and 10 surface parking spaces.

— Chris Malone Méndez