Priya Living, a chain of senior living facilities, sold Cypress Village Apartments in northwestern Orange County to Newport Real Estate Partners on Feb. 4, according to a deed reviewed by TRD.
The buyer paid $34.4 million for the Buena Park property, according to a statement issued by Northmarq, which brokered the sale and arranged financing for the deal.
The apartment complex, which was built in 1963 and renovated last year, includes 88 two-bed, two-bath units. The 5.1-acre property is located at 6343 Lincoln Avenue.
The property is currently 95.5 percent occupied.
Newport Real Estate Partners’ purchase price works out to $390,625 per unit.
Northmarq’s Shane Shafer represented Priya in the deal. Nate Prouty, Briana Harney DeHaan, Andrew Deaver and Soraya Rios in Northmarq’s San Francisco office arranged $19.7 million in acquisition financing for the buyer.
Priya declined to comment on the sale.
Voya Investment Management is listed as the lender that provided the $19.7 million conventional loan for the transaction, according to public property records accessed by TRD.
The sale “shows the continued interest into 2024 for Orange County multifamily,” Shafer said in a statement, noting that “locations like Buena Park are in high demand for investors, are highly sought after and rarely trade.”
Priya Living, founded by Arun Paul, has been expanding in the U.S. over the last few years, targeting 13 cities, Quartz reported in 2020. Its website lists three locations in Northern California and one in India.
Newport Real Estate Partners is a Newport Beach-based real estate private equity firm. Its investment strategy focuses on “change of use, repositioning of assets, rehabilitation and redevelopment,” according to its website.
Priya Living, Newport Real Estate Partners and Voya Investment Management did not respond to a request for comment.