501 West Crowther Avenue Placentia, CA 92870
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501 West Crowther Avenue Placentia, CA 92870
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
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3121 Michelson Drive, Suite 400
Irvine, CA 92612
Investment Sales
Irvine Office
CONTACT Info
Mortgage Banking
KEVIN MIGNOGNA
Senior Managing Director
619.622.9238 Kevin.Mignogna@berkadia.com
CHARLIE HAGGARD
Senior Managing Director
949.572.9442 Charlie.haggard@berkadia.com
CHELSEA JERVIS
Managing Director
DRE# 01964154
949.244.9810
chelsea.jervis@berkadia.com
CJ ANGLE
Managing Director
DRE# 02074015
949.573.0931
cj.angle@berkadia.com
RYAN FITZPATRICK
Senior Managing Director
DRE# 01314070
714.614.7002
ryan.fitzpatrick@berkadia.com
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Berkadia, as exclusive advisor, is pleased to present for sale Jefferson Cenza (the “Property” or “Cenza”), a newly built 418-unit apartment community located in the North Orange County community of Placentia, California. The Property offers thoughtfully designed apartment homes that appeal to young professionals drawn to a highly amenitized community with easy access to some of the region’s most prominent employment centers. North Orange County is dominated by strong and resilient industries like healthcare and education and Cenza is strategically positioned to benefit from both, with Cal State Fullerton located two miles away and Orange County’s highest concentration of medical jobs located six miles away.
As one of only three institutional market-rate properties built in Placentia in the last 35 years, Jefferson Cenza presents the opportunity to acquire a best-in-class asset in one of the most desirable yet supply-constrained submarkets in Southern California.
Best-In-Class Product with Limited Competition: From the resort-style pool deck and state-of-the-art fitness center, to the expansive co-working space and the stunning rooftop amenity deck, Jefferson Cenza is the newest property to be built in Placentia and has one of the most robust and enviable amenity packages in the submarket. And with no apartment projects in the city’s construction pipeline, Jefferson Cenza is poised to experience strong rent durability and robust rent growth as the submarket continues to evolve and expand.
Surrounded by Diverse Employment: Cenza’s immediate proximity to three major freeways (SR-55, SR-57, SR-91) provides residents with outstanding access to some of Southern California’s most prominent, high-wage employment corridors. Within North Orange County, residents have immediate access to 3,000+ companies and 72,000+ jobs in the adjacent Anaheim Canyon Business District, Orange County’s leading hub for advanced technology and innovation. In addition, the Orange Medical Cluster (12,000+ jobs), which contains the county’s highest concentration of healthcare jobs, is only 20 minutes away.
Strong Rental Market: Significant employment drivers coupled with limited new supply in North Orange County has generated above-average fundamentals. Since 2021, occupancy has averaged 95.4% while rent growth has averaged 5.9% per year in North County, outpacing many neighboring submarkets like Anaheim (5.0%), Huntington Beach (4.7%), and Orange/Villa Park (4.2%).
Affluent North Orange County Suburb: With an average household income of $140,800 and an average home sales price of $1.1 million, Placentia has attracted a highly affluent resident base who are drawn to the city for its charming small-town vibe, exceptional recreational amenities, and an award-winning public school district that ranks among the best in the state.
Rarity of Trades in OC: What distinguishes Orange County from other Southern California markets is that much of its apartment inventory is owned by a handful of private owners and REITs who rarely sell. As a result, very few core deals ever come to market. In fact, over the past 30 years, core assets have traded at an average of only 1.5 per year. The scarcity of transactions has made Orange County one of the most challenging markets to access, highlighting Jefferson Cenza as a premier and distinctive Class “A” investment opportunity available in today’s market.
Impressive Demographics: The exceptional quality of Jefferson Cenza’s offerings is attracting a distinguished tenant profile, with an average household income of $140,000, translating to a rent-to-income ratio of 24%. This strong demographic, coupled with the impressive product, not only ensures higher retention rates but also indicates that residents are well-positioned to comfortably manage long-term rent increases as evidenced by Cenza’s strong retention rate of 65% and net effective renewal rent growth of 11%.
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MARY ANN KING
Co-head of Berkadia Institutional Solutions CA DRE #01188651 949.242.4070 maryann.king@berkadia.com
BRETT BETZLER
Senior Managing Director CA DRE #01330214 949.981.1196 brett.betzler@berkadia.com