Marcus & Millichap and Institutional Property Advisors, as the exclusive listing agents, are pleased to present the opportunity to acquire Terra at Tustin, a 116-unit multifamily investment property located in Tustin, CA. This is a unique and rare opportunity to acquire an institutionally sized asset with proven value-add potential in Tustin, a submarket with limited historical transactional velocity. Tustin enjoys a strong resident base of highly educated, high-income wage earners with an average household income in excess of $110,000 a year. Moreover, the combination of highly regarded public schools, proximity to employment centers, and a widening home affordability gap in the marketplace has led to consistently strong demand for rental units. As a result of continued demand in the Tustin submarket, Marcus & Millichap Research Services and Realpage, Inc. project average rent growth of 3.25 percent through 2023, while occupancy levels are estimated to average 96 percent over the same period. Over the last three years the current ownership has spent approximately $1 million in renovations, with a substantial focus on both common area and in-unit enhancements. A new owner will have the opportunity to achieve further rental upside through the continuation of this comprehensive interior renovation program. Additionally, a new owner could continue to enhance the property's draw to affluent renters by installing washers and dryers in the one-bedroom floorplans. As proven by the rental gains on the 92 renovated units, modernizing the apartment interiors will elevate Terra at Tustin to a higher standard of rental living and yield investors a substantial monthly rental premium. Ideally positioned at the crossroads between North and South Orange County, Terra at Tustin is poised to capture the benefits of a solid rental market and enjoy future growth. The asset is being offered free and clear of debt encumbrances, allowing an investor to take advantage of today’s low interest rates.
