Fusion Apartments in Irvine, CA Sells to Olympus Property for $118.5 Million

28 Nov 2018

fusion post

Deal marks one of the largest multifamily sales in Orange County this year 

Los Angeles, CA – CBRE announced the sale of Fusion Apartments in Irvine, CA to Texas-based Olympus Property for $118.5 million. This transaction marks one of the largest multifamily sales in Orange County this year.

Stewart Weston, Dean Zander, John Montakab and Paul Berry of CBRE represented the seller, 360 Residential, a Georgia-based, full-service multifamily investor. Weston, Zander, and Montakab recently facilitated another significant sale, Seacrest Apartment Homes, which marked the biggest multifamily transaction of 2018 for Orange County.

Located at 17321 Murphy Avenue and in lease-up at the time of sale, Fusion features 280 units with state-of-the-art finishes and a variety of high-end amenities, including a Zen garden, koi pond, a 14,000-square foot rooftop deck with a clubroom, fitness center, swimming pool, spa, fire features, cabanas, and barbecue.

“Fusion is a true Class A asset and sets the standard for high-end living, offering the first rooftop amenity package in the submarket,” said Weston. “With average incomes surpassing $140,000 a year, the demand for luxury rental housing in the area is surpassing supply. This fact is demonstrated by the execution of nearly 20 leases at Fusion each month.”

The 3.5-acre property is ideally located in the heart of the Irvine Business Complex, just miles from a plethora of shopping and dining options, beaches, parks and John Wayne Airport. Due to the shortage of available inventory, high single-home prices and the rising influx of Millennials, Orange County continues to experience significant rent growth. This has continued to buoy investor interest in the sector, with the number of multifamily asset acquisitions having e increased 13.5 percent year-over-year, according to CBRE research. As Orange County’s population is set to grow from 3.2 million today to 3.5 million by 2040, demand for apartments is likely to continue.

The CBRE team also represented the buyer, Olympus Property, a multifamily investment and property management firm. 
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.