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SANTA ANA, CALIF. — San Francisco-based The Prime Group has acquired Adagio at South Coast, a 349-unit apartment community located at 3124 S. Main St. in Santa Ana. One of the largest investments sales this year in Orange County, the property sold for $43.1 million, or $123,496 per unit.

“This transaction demonstrates our ongoing interest in buying well-located, quality multifamily properties in coastal California,” notes John Adair, principal of The Prime Group. In the last 6 months, the company has completed apartment acquisitions in California totaling more than $181 million.

Situated in the South Coast Metro submarket, the property was originally constructed in 1974 and renovated in 2000.

The sale closed 22 days after contract signing, which is quick for such a large transaction. “In today’s market, it can be very challenging to get a deal over the finish line for a variety of reasons,” says Ray Eldridge of CB Richard Ellis. “The fact that a transaction of this size closed in just 22 days demonstrates the importance of working with a consistent, motivated and reliable buyer.” Eldridge also noted that the acquisition was a strategic move for the buyer, which also owns two nearby apartment assets.

Eldridge and Michelle Jefcoat of CB Richard Ellis represented the undisclosed seller in the transaction. The Prime Group was represented in-house.

— Amy Bigley

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