Sierra Village Associates Pays $190MM for 363-Unit Apartment Community in Irvine

CBRE negotiated the sale of luxury multifamily community, RIZE Irvine to Sierra Village Associates, an LLC based in Southern California.

CBRE’s Stewart Weston and Dean Zander represented the seller, a private real estate company with an extensive portfolio nationwide and affiliate of Fairfield Residential. Financing was arranged by CBRE’s Debt & Structured Finance team including Troy Tegeler, Ryan Greer, Trevor Breaux, and CJ Connolly.

Built in 2018 and located on Von Karman Avenue near Alton Parkway, RIZE Irvine represents a substantially sized luxury asset in one of the most sought-after markets in Southern California. Less than 10 miles from the Pacific Ocean, the property is prominently positioned in the Irvine Business District (IBC) and offers residents a short commute time or even the ability to walk to work. The surrounding neighborhood features high-tech companies, luxury hotels, fine dining restaurants, and 16 million square feet of Class A office space.

“Residents of RIZE Irvine are surrounded by more than 100,000 jobs within the IBC, and over one-third of the Fortune 500 companies have a corporate presence,” said Stewart Weston, an Executive Vice President with CBRE. “This leads to a wealth of high-paying employment options.”

Offering a “best in class” amenities package, RIZE Irvine is equipped with a two-story fitness club, multimedia iCafe and community workspace, central plaza with pool and cabanas, two poolside lounges, private deck on the fifth floor, and a spacious dog park. Lavish apartment features include nine-foot ceilings, oversized walk-in closets with custom shelving, USB charging outlets, full-size Whirlpool washer and dryer, and Whirlpool stainless steel appliances including five-burner gas stoves.

“RIZE Irvine is a luxury community thoughtfully curated with ultra-modern interiors and amenities catering to affluent residents,” said Dean Zander, an Executive Vice President with CBRE. “The average household income for residents of RIZE is nearly 25% higher than the city of Irvine.”

READ MORE...