Grosvenor Americas (‘Grosvenor’), a privately owned international owner and developer, and Intracorp, one of North America’s largest developers of multifamily homes, announced that it has sold AmpliFi Apartments, a 290-unit luxury apartment community located at 600 West Commonwealth in Fullerton, California.
The property was purchased for $168 million, the highest price-per-unit sale of a market-rate multifamily community in Orange County, according to Brad Perozzi, president of Intracorp’s Southern California division.
“This record sale speaks to the exceptional quality of our developments,” says Perozzi, who notes that the property was developed in partnership between Intracorp and Grosvenor Americas, under its Structured Development Finance program. “Our team consistently delivers both for-rent and for-sale communities that offer residents elevated lifestyles with modern, luxurious amenities in strategic, transit-oriented locations.”
Perozzi adds that the long-term value of the 2019-built property was quickly demonstrated with a rapid lease up through the height of the COVID-19 pandemic.
“While we could not have anticipated that the initial leasing of the property would occur during an unprecedented pandemic, AmpliFi meeting our core demographic is the best development execution I have witnessed in 25 years,” explains Perozzi. “The community reached stabilization in less than 10 months, with an average of more than 30 leases per month.”
Alex Henderson, Senior Vice President of Co-Investment for Grosvenor Americas, adds: “Our well-established partnership with Intracorp spans over 20 years and we enormously value this important and ongoing alliance. AmpliFi aligns perfectly with our strategy to invest in walkable, transit-oriented properties with strong local employment opportunities. We are thrilled with the project’s success and look forward to future co-investment opportunities with Intracorp in the US and Canada.”
The community is positioned within a submarket of Orange County, which proved to be a highly resilient multifamily market throughout the pandemic and has experienced steady rent growth this year to date.
AmpliFi features studio, one, two- and three-bedroom floorplans. Amenities include a luxurious pool with private cabanas, outdoor fireplaces with intimate seating areas, outdoor dining, barbecues, ground floor retail, and a business center with private offices that is highly utilized by residents working from home, a coffee bar, a clubhouse with chef-inspired kitchen, a state-of-the-art fitness center, three rooftop viewing decks, a dog park, and a spa.
The property is conveniently located near the State Route 91, Interstate 5 and State Route 57 freeways, within blocks of Fullerton’s train station. AmpliFi is walkable to historic Downtown Fullerton and several local restaurants, bars, shops, and galleries.
About Grosvenor Americas:
Grosvenor Americas has been an active owner and developer in several high-quality cities across the U.S. and Canada for 69 years. Our strategy is to invest in vibrant urban areas where our activities can make a positive contribution to neighborhoods and communities, which we deliver through our Living Cities approach. Since 2004, we have helped supply 12,300 quality homes and have transacted $4.6bn in investment property in the high-growth markets where we operate.
As one of the first North American signatories to the World Green Building Council’s Net Zero Carbon Buildings Commitment, our business is guided by ESG principles and underpinned by a promise to achieve net zero operations by 2030.
We are active in the high-growth transit-oriented and/or amenity-rich neighborhoods of Seattle, Vancouver, the San Francisco Bay Area and Washington, D.C. Our Development Program focuses on residential mixed-use projects; most developments in our USD $2.7bn pipeline will deliver to LEED Gold standards. We also add value to residential, commercial and retail assets, actively managing a portfolio of 59 stable properties in our Investment Program. Additionally, we run a Structured Development Finance business that provides funds to leading residential developers who provide much-needed housing.
As of December 31, 2020, Grosvenor Americas had assets under management of USD $3.6bn.We are part of Grosvenor Group, one of the world's largest privately-owned international property companies and active in Britain & Ireland, Europe, Asia Pacific and North America. With $15.2bn of assets under management and a track record of 344 years, Grosvenor develops, manages and invests with a purpose of improving property and places to deliver lasting commercial and social benefit.
About Intracorp
Developing communities in five urban regions in North America, Intracorp has established itself as a real estate developer that delivers extraordinary experiences to homeowners and residents of its apartment homes. As one of North America’s largest developers of multi-family homes, Intracorp has delivered more than 22,000 homes in 176 communities. The company evolved from founder Joe Houssian’s first business venture, Intrawest, which was founded in 1976. It began as an urban residential real estate business and transformed into an internationally renowned resort and real estate development company credited with the success of several preeminent ski resorts such as Whistler Blackcomb. Intracorp currently develops outstanding communities in British Columbia, Ontario, Washington State, California, and Austin, Texas. IntracorpHomes.com