Orange County's Real Estate Landscape: A Dynamic Mix of Hospitality and Residential Ventures
Lisa Mailhot | December 11, 2023
Buyers
Lisa Mailhot | December 11, 2023
Buyers
As we step into 2024, the real estate market in Orange County continues to evolve, showcasing a blend of ambitious hospitality renovations and significant residential transactions that are shaping the region's landscape.
One of the most noteworthy developments is the $12 million renovation of the DoubleTree by Hilton Santa Ana – Orange County Airport. Situated near John Wayne Airport and South Coast Plaza, this prominent hotel is undergoing a comprehensive makeover. The project aims to infuse a sleek and modern feel into the lobby, front desk, restaurant, bar, and all 253 guest rooms. Additionally, the hotel's fitness center is slated for an upgrade, and a new yoga studio will be introduced, reflecting a growing emphasis on wellness in hospitality.
In the residential sector, the 21-unit Tropicana Apartments in Huntington Beach recently sold for $7 million, marking a significant transaction in the area. This sale, at a rate of $337,714 per unit, represents the largest apartment transaction in downtown Huntington Beach in the last decade. The Tropicana Apartments, a 60-year-old four-building complex, offers a mix of one- and two-bedroom floor plans, some boasting ocean views.
Such transactions underline the continued demand and vibrancy in the Orange County residential market. These deals, often part of 1031 tax deferred exchanges, indicate a strategic shift in investments within the area.
Looking beyond residential and hospitality, we see growth in industrial development as well. For instance, Irvine-based DIV Industrial acquired 47 acres in Goodyear, Arizona, for developing Sarival Business Park, a large Class A industrial complex. Such developments are crucial for the broader economic landscape, providing employment opportunities and enhancing the region's industrial capabilities.
On a community note, it's inspiring to see local groups like Hanley Investment Group Real Estate Advisors actively participating in social causes. Their recent Movember fundraising campaign, which raised over $33,000, is a testament to the sector's commitment to social responsibility.
As the Orange County real estate market continues to evolve, it's important to stay informed and connected. Whether you're a buyer, a seller, or simply interested in the latest market trends, there's a lot to watch in this dynamic landscape. Feel free to reach out and connect if you have any questions or need insights on the real estate market. Together, let's explore the opportunities that Orange County has to offer.
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Broker Associate
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124 Tustin Ave Suite 200, Newport Beach, CA 92663
